VW's Emissions Nightmare Comes Home — 1,400 Lawsuits From Investors And A Massive Damages Claim

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The fallout of Volkswagen's Emissions Scandal has now come home to the German carmaker as it faces around 1,400 lawsuits in the legal district it calls home.

However, what makes it even more daunting for VW is the amount of damages it may end up paying - $9.1 billion.

The courthouse in the German city of Braunschweig, which is located about 37 kilometres away from Volkswagen's home base at Wolfsburg received some 750 lawsuits on Monday (September 19) alone.

Monday was the first working day after the anniversary of VW admitting to the diesel emissions scandal. Worried investors concerned that September 18 - the day VW's manipulations were disclosed a year ago - could be the deadline to file. The court said that it would take four weeks to process the new claims against Volkswagen.

The investors claim that Volkswagen did not inform shareholders quickly enough over its cheating software, which was installed in up to around 11 million vehicles around the world.

The biggest claim among the 1,400 lawsuits filed seeks $3.61 billion in damages and was filed by lawyers for 278 institutional investors, German insurers, and U.S. pension fund Calpers on March 14.

Volkswagen has already been hit by an over $15 billion dollar settlement bill in the United States over the emissions scandal and still faces civil and criminal cases regarding the same in numerous courts around the world.

Via Reuters

Read more on: #volkswagen #auto news
Story first published: Wednesday, September 21, 2016, 19:06 [IST]
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