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BERLIN — Almost 300 institutional investors in Volkswagen have filed a multi-billion euro suit against the carmaker for which they see as breaches of their capital markets duty within the emissions scandal, what the law states firm representing them said.
The lawsuit, for damages of 3.256 billion euro (US$3.61 billion), was filed at a regional court in Braunschweig in VW’s home state of Lower Saxony on Monday and is being brought by 278 investors from all over the planet, including German insurers and U.S. pension fund Calpers.
Law firm TISAB said the lawsuit was over whether VW neglected its duty to the capital markets concerning the timeframe between June 2008 and Sept. 18, 2015.
A spokesman for VW said the carmaker could not comment because it had not been sent the suit.
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Volkswagen earlier this year published a merchant account of the events leading to the violation of U.S. emissions law being publicly announced through the U.S. Epa.
The law firm has also filed a motion for any so-called model claims, a German legal procedure which – for insufficient U.S. style class-action lawsuits – uses court rulings won by individual investors as templates to create damages for other people that are equally affected.
“Because of the fact that – according to our information and experience – Volkswagen AG persistently denies any settlement negotiations and also refuses to waive the statute of limitation defense until now, it had been necessary to file this primary multi-billion euro lawsuit,” lawyer Andreas Tilp said in a statement.
Tilp in October filed a lawsuit with respect to retail investors.
? Thomson Reuters 2016
