A British pension fund – identity currently unknown – is suing Volkswagen over its emissions scandal, which caused the car company’s shares to plunge.
A German law firm, representing the pension fund, broke the news on Wednesday.
From Yahoo:
Law firm Nieding + Barth said in a statement that together with another fim, Mueller Seidel Vos, it had filed a suit on behalf of the pension fund at the regional court in Brunswick.
“The basis for our claim is (VW’s) violation of its capital market information obligations,” said law firm chief Klaus Nieding.
“Because VW concealed its manipulation of the software in diesel vehicles for many years, shareholders have suffered substantial losses on their investment. And VW must be held responsible for that,” said Daniel Vos of Mueller Seidel Vos.
[…]
The scandal has hit VW hard. It lost nearly 40 percent in market capitalisation since September, when the scandal broke, even if its shares have come back off their lows since then.
The German law firms accused VW chief executive Matthias Mueller of deliberately playing down the affair on his recent visit to the United States.
“That testifies to a lack of will (within VW) to clear up the matter,” Nieding said.
The car manufacturer could soon face lawsuits from more institutional investors, car owners, and penalties from governments.
Photo by Long Road Photography (formerly Aff) via Flickr CC License
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