They concern the share price losses that were incurred by the Bavarian pension fund, the Bavarian Finance Minister Markus Söder (CSU) at Tuesday German Press Agency in Nuremberg. Bavaria is the first state to announce a lawsuit in the wake of exhaust affair.
Volkswagen did not want to on Tuesday to comment. Like other applicant VW investor looking Bayern assume that VW has informed too late about the risks of the exhaust-fraud. . Volkswagen had previously rejected all investor claims as unfounded and stressed that they had properly fulfilled all reporting obligations
Unlike other, partly billionaire investor claims at issue in the case Bayern comparatively little money: The damage from the VW-rate losses in the pension pot, will make the Bayern in court as employer of his officials claim that not even located in the millions. but Linked to this is a political message.
“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 legally in the commitment of our employees”
background of the present action, the loss in value of VW shares, after the scandal broke in September. Meanwhile, the VW preference shares had lost more than 40 percent of its value. Bayern held in its multibillion-dollar fund in September 2015 around 58 000 VW preference shares. Söder says: “The breach notification obligations on the part of VW, the Bavarian Pension Fund suffered a price differential damage. we want to have from VW Money. Specifically this involves a maximum of EUR 700 000. “
The Greens criticize sharply. “Instead of damages actions for Bayern, we expect that the ruling CSU in Berlin finally makes their work and the interests of the environment, climate and consumer protection,” said Green Party Vice Oliver Krischer. Million VW drivers hoped for months in vain for support from the Federal Transport Minister Alexander Dobrindt (CSU) to obtain appropriate compensation as in the US. Meanwhile try Söder, “get feathered his own nest”, gamekeeper said
The action of Bavaria also sets Niedersachsen as VW country under pressure. 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. But even after the lawsuit announcement Bavaria against the carmaker no need for a separate legal steps. “As we wait and see what the prosecutors are doing”, said Lower Saxony Finance Minister Peter-Jürgen Schneider (SPD). A warning from Bavaria he did not get: “I have learned from the press.”
In a subsequent communication Schneider explained: “Whether such an action likely to be successful remains to be seen.” One must distinguish, whether the Bavarian action were focusing on education performance or whether a concrete damage due to a possible breach of reporting obligations is alleged. In addition, there is no guarantee of performance. “Those who buy shares, is going into the entrepreneurial risk – for better or for worse.”
The Braunschweig public prosecutor is still examining whether VW during the exhaust scandal injured notification obligations and investigation for market manipulation in June against Ex-VW boss Martin Winterkorn and the reigning Volkswagen boss Herbert Diess. Lower Saxony is closely related to VW, every fifth job of the Group with its more than 600 000 employees accounted for the country.
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 and many foreign investors. The federal government is planning about any legal action against VW modeled Bavaria. There is no intention to an action, as a spokesman for the German Finance Ministry. The federal government has a provident fund, which may invest up to ten percent in shares for its employees. The investment assumes the Bundesbank. Investments are therefore not in individual stocks, but in index funds -. So also in the Dax, is listed in the VW
Schleswig-Holstein, Hamburg, Mecklenburg-Vorpommern, Berlin Thuringia, Saxony and Rhineland-Palatinate want also not complain, either, because you hold no shares of VW or only indirectly. Saxony-Anhalt is currently examining the composition of own investments
From the other countries there was until the afternoon of any comments – bad news reached the Group for the Far East. In South Korea, the Ministry of Environment has completed the sale of 80 VW models stopped. The manufacturer must also 17.8 billion won (14.3 million euros) to pay a fine
The official admission prohibition of Tuesday was expected -. It is a response to irregularities found in documents relating to emissions and noise tests were. The carmaker is accused of having embellished documents to obtain the approval for import cars.
The company will draw all “available actions” against the ban on sales in whereas said a spokeswoman for Audi Volkswagen Korea in Seoul , This included legal action. “This is one of the most stringent sanctions which they could impose against us,” the spokeswoman said.
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