Monday, 10 September 2018

Volkswagen investors start €9bn emissions court case over diesel scandal


 

Volkswagen has gone on trial in Germany in what is the first court case against the carmaker over the diesel scandal.

 
Investors are pursuing VW for about €9.2bn (£8.2bn) in damages, claiming the company should have come clean sooner about falsifying emissions data.


VW shares crashed after disclosure in 2015 that its diesel technology emitted illegal levels of pollution.


"VW should have told the market that they cheated," Andreas Tilp, a lawyer for the plaintiffs, told the court.


"We believe that VW should have told the market no later than June 2008 that they could not make the technology that they needed in the United States," he told the Braunschweig higher regional court.
Shareholders representing 1,670 claims are seeking compensation for the near 40% slide in Volkswagen's share price triggered by the scandal, which broke in September 2015 and has cost the firm €27.4bn in penalties and fines so far.




BBC     News.