Thursday, January 5, 2017

Exhaust affair: VW must face investors ‘ lawsuits in the United States – SPIEGEL ONLINE

Volkswagen and the former group chief Martin Winterkorn have lost an important battle. They wanted US investor lawsuits, prefer to be in Germany to negotiate. A court in California to block the attempt.

view on a screen at the Nasdaq stock exchange in New York through a window


look at a screen at the Nasdaq stock exchange in New York through a window

The car group Volkswagen and the former group CEO Martin Winterkorn can’t escape in the dispute to compromised diesel cars of the judiciary in the United States. They had tried to relocate the legal dispute with US investors from America to Germany. The competent judge Charles Breyer made a dash through the bill. He dismissed the application. The lawsuits should be heard in court in California.

With the decision of the US judge VW missed a damper. In the US, companies are threatening to be sentenced in court rather higher penalties than in Germany. Judge Breyer pointed out in his decision on the relocation request, “the US has an interest to protect their domestic investors”. In addition, the law binds the armed forces in America of the group. In Germany, the largest part of the investor will be negotiated actions.

In the US proceedings are also charged with the group’s subsidiary Audi, as well as current and former managers such as VW brand boss, Herbert Diess and Ex-USA boss Michael Horn. The case is a side show of the various U.S. litigation in the “diesel-gate”affair to manipulated emission.

the plaintiffs are primarily U.S. pension funds had not invested directly in VW shares, but in so-called share Deposit certificates. These securities represent a OTC Alternative to trading of foreign companies on the U.S. capital market.

The plaintiffs want to ride in compensation for the losses, sustained as a result of the VW scandal. The also want to many shareholders, but their actions – including international investors – to be negotiated in a collective procedure at the regional court of Braunschweig. VW rejects the accusation, to have investors in a timely manner of the risks through the exhaust affair informed.

With private plaintiffs and the authorities had agreed VW is already on the comparisons. They had pulled out due to compromised diesel cars that emit on the test bench less nitrogen oxides than during normal Driving, Volkswagen accountable. Around 15 billion euros, VW is the compromise for 2.0-litre models will cost billions more are expected to be added for affected cars with larger engines. In addition, the group must provide probably more billion euros for the payment of fines after the U.S. Department of justice has taken up the case. Prior to the resignation of U.S. President Barack Obama in mid-January an agreement is to be achieved.


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