Volkswagen faces 8.2 billion euros ($9.1 billion) in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said on Wednesday.
Volkswagen faces 8.2 billion euros ($9.1 billion) in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said on Wednesday.
About 1,400 lawsuits have been lodged at the regional court in Braunschweig near Volkswagen’s Wolfsburg headquarters, the court said. The Braunschweig court said it received some 750 lawsuits on Monday alone, which marked the first business day after the anniversary of VW's diesel emissions test-rigging scandal.
It said it brought in extra staff to process suits submitted by shareholders concerned September 18 could be the deadline to file. Plaintiffs say the German carmaker didn't inform shareholders quickly enough over its cheating software, which was installed in up to around 11 million vehicles worldwide.
VW, which faces lawsuits and investigations across the world, has consistently said it did not break capital markets regulations in the disclosure of its cheating.
The biggest claim at the Braunschweig court, totaling 3.3 billion euros, was filed by lawyer Andreas Tulip on behalf of institutional investors around half a year ago.
The court detailed additional complaints on Wednesday, saying they included a filing by institutional investors.
