VW Shareholders Seek €8.2 Billion for Lost Value after Dieselgate

By Paul Riegler on 22 September 2016
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IMGP5908Volkswagen’s latest Dieselgate travail comes from its shareholders, who are looking to hold the embattled German automaker accountable for deceiving vehicle buyers, dealerships, and the shareholders.

The shareholders are filing suit against the company in record numbers after their holdings lost significant value following the news of the diesel emissions scandal.

The number of suits filed by individual and institutional shareholders in the Landgericht Braunschweig, in Lower Saxony, a district court close to VW’s headquarters in Wolfsburg, has doubled in the past week. Some 750 suits were filed on Monday alone, which was the one-year anniversary of the scandal’s disclosure in the United States,

So far, the suits seek a total of €8.2 billion ($9.15 billion) in damages.

Volkswagen has already settled a number of class-action and individual suits with diesel owners in the United States, including a $15 billion settlement announced in August. It has yet to reach a similar settlement in Europe, given the number of countries in which the vehicles were sold.

(Photo: Accura Media Group)