The inevitable happened on Monday, when a group of investors filed a claim against Volkswagen. The claim is a logical consequence in a series of events that started after fraudulent software was discovered in VW diesel cars. Immediately after the announcement of Diesel Gate VW shares plunged. Investors obviously blame the carmaker, and they want their losses back.
All over the world
A group of hundreds of institutional investors from every part of the world has filed a claim at the court of Braunschweig, Germany. They want to receive a total of 3.3 billion euros, a new record in the history of German claims. The 278 individuals involved come from the US, Australia, Canada, different parts of Europe, and other countries around the world. German lawyer Andreas Tilp represents them. He specializes in these kinds of cases. For example, Tilp also provides legal representation in a similar case against Porsche.
Although Volkswagen itself claims to have informed the public in a timely and sufficient manner, the investors disagree. They say VW should have come out with the news sooner. Right after the news came out on September 18 of last year, shares dropped dramatically. Tilp also said that the claim is a reaction to VW’s refusal to settle the case out of court. Volkswagen has yet to respond to the claim.
While the Volkswagen Diesel Disaster goes on, more and more investors are wondering, will Volkswagen go bankrupt from all these claims? This case can be added to the list of cases against VW in the US. Another thing to wonder about is which carmaker will be next. We have heard the names of VW Group members Skoda, Audi, Porsche, and Seat, but also BMW, Mercedes-Benz, Ford, and Renault (to name a few). If these brands are committing fraud to pass emission tests, they better come clean now, before they end up like VW.