Almost 300 institutional investors in Volkswagen have filed a multibillion euro suit against the carmaker for what they see as breaches of its capital markets duty in the emissions scandal.
The lawsuit, for damages of 3.256 billion euros (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 world, including German insurers and US pension fund Calpers, Reuters reported.
TISAB, the law firm representing the investors, said the lawsuit was over whether VW neglected its duty to the capital markets regarding the timeframe between June 2008 and Sept. 18, 2015.
A spokesman for the carmaker said it had not yet received a copy of the lawsuit.
Volkswagen earlier this month published an account of the events leading to the violation of US emissions law being publicly announced by the US Environmental Protection Agency.
The law firm has also filed a motion for a so-called model claims, a German legal procedure which – for lack of US-style class-action lawsuits – uses court rulings won by individual investors as templates to set damages for others that are equally affected.
“Due to 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 was necessary to file this first multibillion euro lawsuit,” lawyer Andreas Tilp said in a statement.
Tilp in October filed a lawsuit on behalf of retail investors.
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