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Shareholders seeking $10.6 billion from VW over emissions disclosure

Neil Hodge | September 13, 2018

Shareholders seeking damages worth €9.2 billion (U.S. $10.6 billion) have taken German car giant Volkswagen to court in Germany for failing to inform them fully of the financial impact that the emissions cheating scandal would have on the company’s share price.

Investors representing nearly 3,500 claimants are seeking compensation amounting to around a third of the €27.4 billion (U.S. $32 million) that the company has already paid in penalties and fines so far over “Dieselgate.” Investors who are not yet part of the claim have until the end of the year to join.

It is one of the most significant German investor actions against a company in more than a decade and involves one of Germany’s largest asset managers, Deka Investment.

The court has not yet set a detailed timetable for proceedings. Lawyers, however, expect that the case could go into 2019 and end up in a higher court.

The scandal broke on 18 September 2015, when the U.S. Environmental Protection...

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