Investors rush to sue Volkswagen in emissions case
There was one thing Andreas Tilp and Klaus Nieding needed most for taking a wave of Volkswagen investor cases to court: a truck.
Mr Nieding had 5,000 suits sent last Friday from his office in Frankfurt to Braunschweig, about 350km away. Mr Tilp's 1,000 or so complaints arrived yesterday, travelling over 500km from his office in the southern German city of Kirchentellinsfurt. There was no other way to do it: Lower Saxony, home state to Volkswagen, doesn't offer electronic filing for civil litigation.
The court in Braunschweig, the legal district that includes VW's Wolfsburg headquarters, expects thousands of cases.
Investors are lining up to sue in Germany, where VW shares lost more than a third of their value in the first two trading days after the September 18 disclosure of the emissions scandal by US regulators. Yesterday was the first business day after the anniversary of the scandal.
Investors fear they have to sue within a year of the company's admission that it had equipped about 11 million diesel vehicles with software to cheat pollution tests. The lawsuits disclosed so far are seeking €10.7bn. VW has consistently argued that it has followed all capital-markets rules and properly disclosed emissions issues in a timely fashion. (Bloomberg)