Litigation funding venture Bentham Europe on Thursday stated that it is in contact with the top 200 investors of Volkswagen about launching a damages claim with regards to the emissions scandal in Germany.
The lawsuit is expected to launch in February. Bentham plans to sue the German car giant for alleged breaches and negligence of German Securities laws by failing to publish market sensitive information in a timely way.
The lawsuit will be headed by litigator Quinn Emmanuel in Germany's Braunschweig District Court. Bentham plans to manage and fund the litigation, which is expected to cost around $10.8 million on a ‘no win, no fee' basis. If proceedings are successful, Bentham will get 15 - 30% of the claim value in addition to costs.
This is not the first case filed against VW following the ‘diesel-gate' emission scandal. The company is facing lawsuits in the Unites States, South Korea, the Netherlands, and another one in Germany.
VW's market value has dropped by around $28 billion since Sep. 18.