Tuesday, July 19, 2016

VW CEO Müller in diesel gate focus: US States want more money from … – Reuters

The New York attorney General
“9″

Eric Schneiderman threw Volkswagen a “culture ingrained arrogance” before, against an example should be statuiert.

(Photo: Reuters)

New York Volkswagen will continue to bleed. The attorneys general from three states have filed a new lawsuit against the troubled carmaker on Monday and ask more payments totaling several hundred million dollars.

Although there states of New York, Massachusetts, Maryland along with 41 other states until the end of June a 600-million dollar out of court settlement achieved. They would, however, do not include civil penalties, according to the complaint of the New York Attorney General Eric Schneiderman. So he puts to his two other colleagues.

The allegations about the manipulated diesel vehicles are the Old substantially. Schneiderman makes his 90 page complaint, however, for new urgency. Very detail he describes the approach at the corporate headquarters in Wolfsburg and takes up again with respect to internal emails show that managers were already informed very early about the problems in the US.

For the first time Volkswagen boss Matthias Müller has been associated with the diesel scandal. Martin Winterkorn, and a certain “H. Müller “to have been informed in 2006 about the fact that the urea tanks have to be enlarged in Audis diesel vehicles to meet the more stringent emission standards in the US. Matthias Müller was still head of project management at Audi. Winterkorn at the time was the head of the VW subsidiary. Another Audi managers have testified that “H. Müller “a” is a reference to the then head of the Audi project management, now Winterkorn successor as CEO of Volkswagen AG, “it says in the application. But rather than investing in larger tanks to VW and Audi have decided to use the Cheat software.

The fact that the diesel scandal was only the work of a few VW engineers, as it had suggested Volkswagens former America CEO Michael Horn, “is very far from the truth,” Schneiderman said on Monday at a press conference. The “stubborn and unrepentant corporate culture at Volkswagen has this systematic fraud”, as was stated in the application. It is also an e-mail of the former head of quality management, Frank cloth, cited at the former VW CEO Martin Winterkorn, the cloth had written in May, 2014. “A detailed explanation for the dramatic high nitrous oxide emissions can not be given to the authorities,” he warns. Otherwise one must assume that the guards would search the VW systems after a cheating software.



Who sued Volkswagen

  • Volkswagen has agreed to settle the diesel scandal in the United States with applicants on payments of more than 15 billion dollars. The extrajudicial comparison with authorities and diesel owners is the first major step for the Study of manipulation. Globally, Volkswagen is faced with billions in damages by investors. The holders of shares and bonds of the group next to car owners and authorities, the third large group that provides financial claims to the Group. Worldwide throw investors before the company, it had informed the public last year about the manipulation with their serious financial consequences too late. The Group must therefore pay for losses of Volkswagen securities. Volkswagen has rejected these accusations.

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    the Tübingen lawyer has filed a lawsuit with the District court of Braunschweig by its own account, institutional with around 280 investors from several countries calling for nearly 3.3 billion euros in damages for losses. Moreover Tilp represents more than 1,100 individual investors who make an average damage of 47,000 euros contends.

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    The Hamburg firm Quinn Emanuel filed lawsuits for around 50 institutional one international investors, including billionaire pension funds for teachers in California, a state funds and hedge funds. The required sum amounts to 680 million Euro. is supported Quinn Emanuel from legal financier Bentham Europe, where the US hedge fund Elliott is involved.

  • the pension fund for employees of the US -City Boston has filed a class action lawsuit against Volkswagen, according to a law firm. He holds bonds of Volkswagen, accusing the carmaker of having deceived his creditors, as the firm Labaton Sucharow announced. The lawsuit was filed in a US District Court in California.

  • a decorated as Foundation applicant organization insists on an out of court settlement. Volkswagen could then turn to a lower cost, a wave of actions for damages, said Henning Wegener, head of the incorporated under Dutch law “Stichting Volkswagen Investors claim”.

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    The Frankfurt law firm had also announced a lawsuit at the District court of Braunschweig. A total of 66 investors from the US and Britain strained same complaint on which Volkswagen accuses a breach of the Securities Trading Act for late notification of illegal exhaust manipulation of diesel vehicles in the US.

  • the insurance company Allianz and DekaBank draw against Volkswagen because of exhaust affair in court. According to financial circles to the investment firm of financial institutions involved in addition to the Allianz subsidiary AGI at the Western. Deka’s eleventh largest by Reuters VW shareholder, holding a share of 0.6 percent.

  • In Germany went in competent Landgericht Braunschweig also make around 120 complaints from retail investors, the damage for each of between 600 euros and two million euros contends.

    • “We hope that this serves as a deterrent to any company that even think about it, a similar wide-ranging to commit fraud, “Schneiderman said. He was “shocked” by what had conveyed his investigation revealed. “Not a single manager, no matter what skill level is, stepped forward and said, ‘What we do here is not right’.”

    Volkswagen had granted in mid-September 2015 cheat programs in almost 600,000 diesel to have cars built in the US. They recognize when the car is on the dynamometer and only then switch the exhaust gas purification systems a full. When driving on the road, the cars have the permissible limits for nitrogen oxide emissions by ten to 40 times exceeded.

    Europe’s largest carmaker, had the end of June a partial settlement with the US Justice Department and the American environmental authorities proclaimed that could cost around 15 billion dollar that group. Volkswagen regret the new complaints, a spokeswoman in the US. The Group continues to work with the federal authorities and the guards together at the level of states. Even the Justice Department has already announced that still could face further penalties on Volkswagen. In addition, still run criminal investigations against VW and other companies and to individual managers.

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