Bayern is Volkswagen sue for damages due to the effects of diesel scandal. They concern the share price losses that were incurred by the Bavarian pension fund, the Bavarian Finance Minister Markus Söder (CSU) on Tuesday in Nuremberg.
Bayern 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.” Söder continued, “We are also legally in the commitment of our employees It is about rights, which are now to be asserted by us..”
“Specifically this involves a maximum of 700,000 euros”
background of the action decision, the massive loss of value of VW shares, after the diesel scandal last September became public. 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.”
Drag other countries to?
the action of the CSU-governed Bavaria also advances Niedersachsen as VW country into the light: the State with its coalition of the SPD and Greens is the second largest after the extended family Porsche / Piëch 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. However, the end of March summoned the State Chancellery of dpa on the question of legal steps, “At present there are no concrete reflections of the country.” Lower Saxony is interested in VW to a long-term and stable business and employment development. “The country does not see himself as a financial investor.”
In the meantime, however, a lot has happened: In exhaust scandal the Braunschweig public prosecutor under investigation for market manipulation since June against former VW boss Martin Winterkorn and the reigning Volkswagen boss Herbert Diess. Against them lay an initial suspicion of having informed the financial world too late on the set flown scandal, so perhaps important information was suppressed.
“Hasty conclusions prohibitive”
As a result, then sat and Niedersachsen a sign: in the VW annual general meeting in late June, the country refused because of open questions 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 confidence
The Committee stated:. “Lower Saxony would not give the slightest impression in the current process state to position itself in the issue of ongoing investigation . ” The issue “alone cause the prosecutor and possibly later the courts”. The final completion of the investigation remains to be seen, it is always presumed innocent – “hasty conclusions prohibitive,” it said at the time
For a new reaction, the State Chamber of Hannover on Tuesday was not immediately reach since. cabinet meeting ran.
damages amount to billions
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 brought, for example, the Norwegian state fund NBIM -. The world’s largest of its kind – an action on the road. The VW management should have known about the manipulation software communication, it was then in May this year.
As an investor of NBIM’s responsibility, the units of the Fund at Volkswagen stand to protect, if need be by Legal action. Even with the police, firefighters, teachers and staff from New York City, it got the Wolfsburg indirectly involved already. Because the pension funds of these professionals from the US metropolis demanded at the VW annual general meeting because of the losses a special
Video. So strong increase in consumption after the diesel-update of VW
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