Monday, March 14, 2016

VW exhaust scandal: major shareholders complain to three billion euros in damages – SPIEGEL ONLINE

278 large institutional investors – including the largest US pension fund Calpers and the Sparkassen-fund subsidiary Deka – have sued the Wolfsburg carmaker Volkswagen damages in the amount of 3.255 billion euros. A corresponding report of “Süddeutsche Zeitung”, NDR and WDR confirmed the Tübingen Lawyer Andreas Tilp. Earlier, there were dozens of similar lawsuits.

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 their allegations of fraud made public on September 18, informed of impending financial consequences. Volkswagen reaffirmed repeatedly its view that it has complied with all disclosure requirements.

Lawyer 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 district court had on Monday night not be reached for confirmation of the action input.

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

A spokesman for the asset management Allianz Global Investors (AGI) had said a few days ago, one must consider “whether our investors have been harmed and we then take steps accordingly.” The AGI holds 0.06 percent stake in the Wolfsburg-based carmaker.

The California Teachers Pension Fund CalSTRS had already announced in early March its intention to compete for damages before German courts.

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