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Deadline call for VW ‘diesel-gate’ legal action

The German-based VW litigation action group has issued a final call for those seeking damages from the car manufacturer to opt-in to legal action.

The action must be joined before the statute of limitation expires on 31 December, and documents and transactional data must be shown ahead of that.

Lawsuits

The lawsuits, by various investors and litigation coalitions, are now consolidated under German collective action procedures, known as ‘KapMuG’, whereby a case is taken involving a single institutional plaintiff and a single law firm.

In this case, TILP Litigation Rechtsanwaltsgesellschaft mbH was selected by the court to represent all investors and coalitions at the proceedings in the regional court in Braunschweig, Germany.

On 10 September 2018, hearings got underway involving claims of more than €9.5 billion in investor losses. These included stock-price drops connected with the Volkswagen AG diesel scandal.

In September 2015, VW was found to have ‘gamed’ emissions levels in their vehicles in about 11 million vehicles worldwide.

The car firm has already entered into settlements with investors and regulators in the US, as well as regulators in Europe.

Assumption of liability

The company has set aside €3.4 billion in an assumption of liability to investors represented in the remaining securities litigations.

Over 500 institutional investors have already joined the collective group litigation action in Germany.

While the litigation involves securities acquired as far back as 2008, institutional investors who held positions on 18 September 2015, or transacted in VW securities between May 2014 and 18 September 2015, are believed to have the strongest case.

Success only fee

The institutional investor interest group ISAF Management Company is leading the action on behalf of investors, on a no-cost, success fee only, and on a liability free basis.

Investors should contact ISAF at info@isafmanagement.co