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Had VW warned investors about the size of the scandal before the U.S. Environmental Protection Agency (EPA) issued a “notice of violation” on Sept. 18 2015 then institutional investors may have avoided losses on their shareholdings, plaintiffs said. VW shares lost up to 37 percent of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars. Volkswagen has admitted systematic emissions cheating but denies wrongdoing in matters of regulatory disclosure.
Presiding Judge Christian Jaede at the Braunschweig higher regional onyx and mother of pearl checker step studs cufflinks court will make opening remarks at the trial on Monday, VW insists that the U.S, EPA’s issuance of the notice of violation was not in keeping with how U.S, authorities had handled similar cases involving other carmakers, Because other carmakers had reached a settlement for emissions cheating without an EPA notice of violation, and because VW was in talks about reaching a settlement, VW’s board did not see the need to inform investors, the carmaker said in a filing with the Braunschweig court..
VW had already made substantial provisions in late 2015 to cover other vehicle recalls, and because previous fines by U.S. authorities for similar violations were below $200 million, there was no need to issue an ad-hoc disclosure notice under German law, the carmaker said in the filing. Volkswagen says board members at the time, including Volkswagen’s current chief executive Herbert Diess and Chairman Hans Dieter Poetsch therefore did not violate disclosure rules, according to the VW defense document filed with the court.
“Neither the management board nor individual board members caused or were involved with the compliance violation in the United States,” VW’s court filing said, However, plaintiffs, including lawyer Andreas Tilp from law firm TILP and fund management firm Deka, argue that managers below management board level, including divisional heads, knew about deliberate and systematic emissions cheating, The company as such was therefore aware of severe criminal activity and investors should therefore have been warned earlier, the onyx and mother of pearl checker step studs cufflinks plaintiffs said..
BRAUNSCHWEIG, Germany (Reuters) - Investors took Volkswagen (VOWG_p.DE) to court on Monday to seek compensation for the hit to the carmaker’s share price from its diesel emissions scandal, with plaintiffs holding out hopes for billions of dollars in damages. Shareholders representing 1,670 claims are seeking 9.2 billion euros ($10.7 billion) in damages over the scandal, which broke in September 2015 and has cost Volkswagen (VW) 27.4 billion euros in penalties and fines so far. It is likely, however, that only some of the claims will be taken into account because of the statute of limitations, presiding judge Christian Jaede told the Braunschweig higher regional court as proceedings began, without giving a figure.
Andreas Tilp, a lawyer for some of the plaintiffs, said he believes that claims worth 2 billion euros of the roughly 5 billion euros he represents have a chance, “We are very confident that there will be money at the end of the day,” he said, Judge Jaede said the case was highly complicated, with many legal questions to be clarified, The court has not yet set a detailed timetable for proceedings in a case that could well end up in a higher court, The plaintiffs say VW failed in its duty to inform investors about the financial impact onyx and mother of pearl checker step studs cufflinks of the scandal, which became public only after the U.S, Environmental Protection Agency (EPA) issued a “notice of violation” on Sept, 18, 2015..
Had investors known about VW’s criminal activities in rigging emissions tests, they may have sold shares earlier or not made purchases, thereby avoiding losses on their holdings, the plaintiffs argue. VW shares lost up to 37 percent of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars. “VW should have told the market that they cheated and generated risk worth billions,” said Tilp. “VW should have told the market no later than June 2008 that they could not make the technology that they needed in the United States.”.
The carmaker’s decision between 2005 and 2007 to install cheating software in diesel vehicles was illegal, but it is not clear that it was taken to keep investors in the dark, judge Jaede said, VW has admitted systematic emissions cheating, but denies wrongdoing in matters of regulatory disclosure, “This case is mainly about whether Volkswagen complied with its disclosure obligations to shareholders and the capital onyx and mother of pearl checker step studs cufflinks markets,” VW lawyer Markus Pfueller told the court, “We are convinced that this is the case.”..