• Germany's news in English
VW investors file $2.2bn lawsuit in German court
File photo: DPA

VW investors file $2.2bn lawsuit in German court

AFP · 17 Sep 2016, 08:44

Published: 17 Sep 2016 08:44 GMT+02:00

Facebook Twitter Google+ reddit
A spokesman for the state court in Brunswick, not far from VW's Wolfsburg headquarters, confirmed that the lawsuit had been filed early on Friday afternoon.
The spokesman was unable to provide details about the amount claimed by plaintiffs, but weekly news magazine Der Spiegel reported that the investors were seeking more than 2 billion euros ($2.2 billion) in damages.
Blackrock targeted "Volkswagen's failure to disclose to investors the use of 'defeat devices' that manipulated emission tests" in a statement on Thursday announcing the legal action.
VW admitted in September 2015 that it had built software into 11 million diesel vehicles that detected when they were undergoing regulatory emissions tests and temporarily lowered the amount of harmful nitrogen oxides in the exhaust.
As well as suffering a heavy blow to its reputation, Volkswagen has had to set aside billions for potential damages and fines, with the bill for the crisis mounting to almost $15 billion in the US alone.
Its share price has also been hammered on markets, plunging 40 percent in the days after the revelations on September 18.    
"Volkswagen continues to believe that we comprehensively fulfilled our obligations under capital markets law and that the claims are unjustified," a spokesman for the carmaker told AFP on Friday in response to the complaint.
Story continues below…
The latest lawsuit adds to a growing stack of legal challenges related to the 'dieselgate' scandal weighing down VW, including another case at the Brunswick state court launched by almost 400 investors claiming around 4 billion euros.
On Friday, the German state of Hesse announced that it would launch a compensation claim of its own, becoming the second of the country's 16 regions after Bavaria to do so.
German news agency DPA reported that the southwestern state of Baden-Wuerttemberg will soon file a separate case to avoid falling foul of a one-year legal deadline.

For more news from Germany, join us on Facebook and Twitter.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Creepy clown scare spreads to Germany
Two of the clowns were apparently equipped with chainsaws. Photo: Pedro Pardo / AFP file picture

Police said Friday five incidents involving so-called scary clowns had occurred in two north German town, including one assailant who hit a man with a baseball bat, amid fears that Halloween could spark a rash of similar attacks.

Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd