VW manipulated world measurement data at eleven million vehicles in Germany alone, the Group recalled 2.4 million diesel cars. The leadership of the group did well earlier than is known of the manipulation in the US.
VW sought self test case for shareholders
17.01 pm: the Volkswagen AG begins to bow to growing pressure from investors. On Monday, the company has applied itself to open a test case for shareholder lawsuits. This step has to go through challenge from the perspective of investors the advantage that they can join the test case, instead of each claim individually.
“We welcome this step explicitly. For affected investors that is good news. Until now VW has indeed rather little investor-friendly
shown, “said Klaus Nieding, CEO of Nieding + Barth Rechtsanwaltsaktiengesellschaft in Frankfurt.” Investors are getting impatient. There is every step of the company, the clarification closer to us brings to evaluate positively, “said Daniel Vos, partner of the firm Müller Seidel Vos.
Along represented Nieding + Barth and Müller Seidel Vos claims to some 80 institutional investors, including large investors from the Middle East including 6,500 registered private investors as well as a Euro-loss amount in the hundreds of millions represented probably the largest current action platform for VW shareholders in Germany. “Because of our represented broad investor base, we aim clearly at providing the lead plaintiff in a test case” says Nieding
media reports. VW wanted to exhaust scandal from the public hide
5:50 has the VW group According to media reports put it in the exhaust affair, to be able to keep the scandal over manipulated readings secret from the public. The board of the car manufacturer was entitled to take the US authorities was a “solution” with reasonable penalties possible without informing the public, reported the “Sueddeutsche Zeitung” and NDR and WDR, citing a statement by VW for the Landgericht Braunschweig.
the former VW CEO Martin Winterkorn and his colleagues were nearing the unveiling of illegal practices by the US environmental Protection agency about the violations in the image, the media reported. It was then but a “confidentiality interests” of the group, where, it is stated in the opinion for the court.
The VW Briefs for the court interprets media according to the report suggest that the board to keep open the chance wanted to be able to keep the violations of law in the long term secret. In the paper stand, in the US such manipulations were at other companies have been punished with “manageable fines”, “without the rules public, much was because worn by the US authorities proactively to the public”.
Only by the “unexpected” announcement of the violation of the law by the US environmental Protection agency on September 18th and the Notice of the EPO on the “theoretical maximum penalty” in the billions it had come to the high losses of VW shares, it is according to the report in the opinion of a law firm commissioned by VW.
the Volkswagen Group had to admit on 22 September that the world at around eleven million diesel vehicles manipulation software was used that as too low nitrogen oxide emissions in the test mode auswies. The carmaker threatening damages lawsuits in billions
Wolfgang Porsche:. Ex-VW CEO Winterkorn believes in his innocence in the exhaust scandal
Monday 07 March, 05:13: the former Volkswagen boss Martin Winterkorn believes in the words of the VW supervisory board Wolfgang Porsche firmly in his own innocence in the exhaust scandal. “Mr. Winterkorn said at the time: ‘I’m no guilty feeling’,” Porsche said in an interview with the German Press Agency. “Anyone who knows him better than people know that he is also deeply convinced of it,” said the VW board.
On Wednesday it became known that Winterkorn had received a note of irregularities in the engine EA 189 in May, 2014. Whether he has this time taken note of, but is not documented according to VW. The Group believes to have investors properly informed about the developments.
Winterkorn had issued in September a few days after the announcement of the VW scandal over manipulation of emission tests of diesel vehicles up his post as head of VW. Porsche itself is still with Winterkorn in contact: “I now and then the phone with him and ask him how he is, he has served the Volkswagen Group for almost 35 years, that we should not forget..”
In video: The exhaust scandal: How to find out immediately if your car is affected
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