Volkswagen investors sue for billions of dollars for diesel scandal

by SpeedLux
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Investors took Volkswagen to court on Monday to ask compensation for the hit to the automaker’s share cost from its diesel emissions scandal, with plaintiffs holding out hopes for billions of dollars in damages.

Shareholders representing 1,670 claims are looking for 9.2 billion euros ($10.7 billion) in damages over the scandal, that broke in September 2015 and has cost Volkswagen 27.4 billion euros in penalties and fines until now.

It is possible, however, that only some of the claims will be taken into account due to the statute of limitations, presiding judge Christian Jaede informed the Braunschweig higher regional court as proceedings began, without giving a figure.

Andreas Tilp, a lawyer for some of the plaintiffs, stated he believes that claims worth 2 billion euros of the approximately 5 billion euros he represents have a chance.

“We are very confident that there will be money at the end of the day,” he stated.

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