Bayern will sue for damages due to the effects of diesel Volkswagen scandal. They concern the share price losses which arose the Bavarian pension fund, the Bavarian Finance Minister Markus Söder (CSU). Bavaria is the first state to announce a lawsuit in the wake of the exhaust affair. “Bayern must sue Volkswagen” Söder said. “The Pension Fund will file an action for damages in September before the Landgericht Braunschweig.”
Background of the action decision, the massive loss of value of VW shares, after the diesel scandal became public last September. Meanwhile, the VW preference shares had lost more than 40 percent of their value. Bayern held in the form of a multi-billion dollar pension fund for state employees in September 2015 approximately 58,000 preferred shares. “The breach notification obligations on the part of VW, the Bavarian Pension Fund suffered a price differential damage. We want the money back have of VW. Specifically this involves a maximum of 700,000 euros.” The action from the CSU-governed Bavaria also advances Niedersachsen as VW country into the light: The State with its coalition of the SPD and Greens to the extended family Porsche / Piëch second largest shareholder in VW, is on the board of the car manufacturer, where it holds a veto. Also for Lower Saxony was the pros and cons of an action already on the agenda. The end of March, however, the state decided against legal action. Lower Saxony is interested in VW to a long-term and stable business and employment development. Meanwhile, however, a lot has happened: In exhaust scandal the Braunschweig public prosecutor under investigation for market manipulation in June against former VW boss Martin Winterkorn and the reigning Volkswagen boss Herbert Diess. Against them lying before an initial suspicion, to have informed the financial world too late to be flown over scandal, so perhaps important information was suppressed. As a result, then sat and Niedersachsen a sign: In the VW annual general meeting in late June, the country refused due to issues arising in the work-up of the exhaust affair discharge for Diess and Winterkorn. Niedersachsen abstained his vote. Although it has not voted in the negative, thus lacking the otherwise mandatory vote of confidence. The federal government announced yesterday that any legal action against Volkswagen modeled Bavaria are planned.
In Germany Volkswagen is already confronted with various claims for damages that go along in the billions. The plaintive institutional investors heard about a subsidiary of Allianz. Because millionaire share losses as also brought the Norwegian state fund NBIM – the largest of its kind – an action on the road. The VW management would need to know about the manipulation software. As an investor of NBIM stand in the responsibility to protect the units of the Fund at Volkswagen, if need be by action.
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