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Investors Preparing Lawsuit Over VW Diesel Scandal
Nearly 70 institutional investors are preparing to sue Volkswagen AG because the company’s diesel emission cheating scandal has cut the value of VW stock by one-third, Reuters reports.
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Nearly 70 institutional investors are preparing to sue Volkswagen AG because the company’s diesel emission cheating scandal has cut the value of VW stock by one-third, Reuters reports.
The Frankfurt-based law firm of Nieding + Barth says it will seek several hundred million euros on behalf of 66 institutional investors and thousands of individual stockholders. The complaint, known as a capital market model claim, is similar to a U.S. class-action lawsuit.
Niedling +Barth says it will claim VW should have admitted it rigged 11 million diesels to cheat emission tests before the fact was revealed last September by the U.S. Environmental Protection Agency.
Germany’s Bafin watchdog agency estimates it will take several months to determine if VW violated German’s complex disclosure laws.
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