Monday, March 14, 2016

Billion risk for Volkswagen: 278 large investors sue VW – Tagesspiegel

Professional investors take Volkswagen in the exhaust scandal targeted. 278 large institutional investors – including the largest US pension fund Calpers and the Sparkassen-fund subsidiary Deka – have sued the Wolfsburg carmaker to compensation in the amount of 3.255 billion euros. A corresponding report of “Süddeutsche Zeitung”, NDR and WDR confirmed the Tübingen Lawyer Andreas Tilp on Monday.

Tilp represents the investors before the Landgericht Braunschweig. The applicants is investors who bought in 2008 VW shares from mid. They seek compensation for the high losses that they have suffered to manipulated emissions during the affair. According Tilp still several other investors of the action want to connect. “This is just the beginning,” said the lawyer. The Court of Justice in the evening for a confirmation of the action input

Other actions could not be reached. Planned

About a consortium of several companies which financed the costs of proceedings Tilp plane of an impending limitation periods in September 2016 further actions for more than 20 large investors, says the report of “Süddeutsche Zeitung”, NDR and WDR. These shareholders should ask well over one billion euros in damages again. An Alliance-daughter was already among the applicants.

If the allegations it comes to whether the group of its obligation to provide information to shareholders is complied with. VW had only days after the US Environmental Protection Agency made public its fraud allegations on September 18 informed about potential financial consequences. The California Teachers Pension Fund CalSTRS had already announced in early March its intention to compete for damages before German courts. dpa


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