Exhaust affair: investors attorney announces additional billion lawsuit against Volkswagen at – Handelsblatt

Volkswagen

VW must prepare themselves for more shareholder lawsuits.

(Photo: AP)

Berlin in the automotive group Volkswagen other investor claims come in the wake of exhaust affair. But the Tübingen investors lawyer Andreas Tilp will have submitted to autumn damages actions of institutional investors for a total of seven billion euros. “This is our realistic goal”, Tilp told the Berliner Zeitung newspaper “Tagesspiegel” (Monday). His goal is “that the second action is greater than the first”.

Tilp confirmed this information on Sunday on request. The consortium that financed the costs of proceedings “definitely finance a further action,” said the lawyer for the news agency dpa. He expects again with a circumference of 3.5 to 4 billion euros.

The legal construction of VW

• the VW shares plummeted after the outbreak of the exhaust affair, many investors want to recover their losses from the company. Their argument: VW would clearly have informed earlier about the problems because markdowns threatened. Meanwhile, large investors have such actions launched, including the largest US pension fund Calpers and the Sparkassen-fund subsidiary Deka. The asset manager AGI – an alliance subsidiary – is considering participating in a class action. VW reaffirmed its view that it has complied with all obligations.

• Worldwide wish VW driver sue for damages. The Landgericht Bochum ruled in a first German method though that the software manipulations attract no duty to withdraw the cars sold by itself. Some lawyers believe, however, this should be no direction decision. Disappointed VW customers make a depreciation of vehicles contends – as if degrade performance or consumption data through the necessary conversions. However, Volkswagen has repeatedly stated all affected cars were “technically safe and roadworthy”.

• Many firms are courting it, VW shareholders and to be able to represent -Kunden in court. In the US class actions are quite normal, in Germany at least shareholders can apply for a so-called test cases. Here a lawsuit will be settled, at the output then orient other complaints. VW CEO Matthias Müller holds also for a business model of lawyers: “We see the very calmly.” Many motorists in Europe try to make pool their procedures via a Dutch foundation. The US star attorney Michael Hausfeld announced its intention to proceed on behalf of clients and companies in Germany against the company.

• beginning has submitted a lawsuit against the VW US Department of Justice. This involves the manipulation of diesel cars, but the group also trickery and deception in the up of the case are accused. Theoretically threatening, according to the application $ 45 billion penalty and a potentially multibillion dollar payment at the discretion of the court. VW refused to comment, referring to the current proceedings. According to reports, the Ministry now expanded its investigation of the suspected bank fraud and possible tax law violations. Volkswagen’s US chief Michael Horn stepped surprisingly back.

• the Braunschweig public prosecutor determined by the manipulations of nitrogen oxide emissions from now 17 suspects on suspicion fraud and unfair competition. Among still is not a board member. Against least five people is determined since the fall because of possible CO2 misstatements. The allegation is here primarily to tax evasion, because the German road tax strongly oriented on CO2 emissions. The prosecution expects that it will take even longer to return results. VW does not want to comment on the allegations.

In the investor-accusations it is whether VW its duty to provide information has complied shareholders. The group had only days after the US Environmental Protection Agency its manipulation allegations on September 18 made public, informed about imminent financial consequences. The company has repeatedly reaffirmed his view that it has complied with all obligations.

Many investors want to recover their losses from the sagging stock price of VW. Tilp had filed a lawsuit to 3.255 billion euros in damages on behalf of a group of 278 institutional professional investors on Braunschweiger Land Court almost a week ago. That should go to the by far largest sum in Braunschweig. There 67 lawsuits against VW

are in accordance with previous information provided by the Court Registry, with which a total compensation of more than 3.7 billion euros is demanded. There were investors who complain a loss of half a billion euros alone, said Tilp the “Tagesspiegel”. “We have built up another 20 institutional investors who also want to complain. I’m sure there are a great deal more. “