Investors sue Porsche SE due to Volkswagen scandal

Porsche SE, the main investor of Volkswagen, is dealing with lawsuits from investors asserting the company did not divulge the financial dangers of Volkswagen’s emissions scandal discovered a year back.

A representative at Porsche SE stated on Tuesday Frankfurt-based law firm Nieding + Barth had actually submitted 12 lawsuits against the company which controls 52.2 percent of Volkswagen’s voting shares, while legal representative Andreas Tilp has sent another 3 suits.

Tilp, who has represented financiers in lots of German cases over capital market-disclosure problems, has likewise been pushing a case versus Volkswagen filed on behalf of numerous investors and worth over 3 billion euros ($3.37 billion).

“We consider all complaints to be unproven,” the Porsche spokesperson said, noting that as a holding company, Porsche SE is primarily not involved in Volkswagen’s operating business.

The Porsche financiers claim they lost from the fall in Porsche SE choice shares following the exposure of Volkswagen’s manipulations by authorities in the United States last September.

The local court in Stuttgart, where Porsche is based, has actually gotten 80 suits targeting Porsche and Volkswagen, Germany’s Stuttgarter Zeitung reported earlier on Tuesday, pointing out a spokeswoman at the court.