Exhaust emissions scandal: hesse to sue vw
In the wake of the emissions scandal, hesse has joined bavaria in suing volkswagen for damages. The state had lost about 3.9 million euros due to the loss in value of volkswagen shares, hesse’s finance minister thomas schafer (cdu) explained on friday. The lawsuit should be filed with the braunschweig regional court in the coming days, she said. "Anyone who invests his money in shares must also accept losses. However, we do not have to accept losses caused by the fact that a joint stock company has violated its notification obligations. Vw has done so," said schafer.
Hesse reportedly held volkswagen shares until the emissions scandal came to light. They were part of a package of equipment for the country’s supply backlog. Around 2.2 percent of the shareholding had been affected.
At the beginning of august 2016, bavaria had announced that it would sue volkswagen for damages due to the consequences of the diesel scandal. Like other plaintiff investors, bavaria ames that volkswagen informed too late about the risks of the emissions fraud. The stock had been on a downward slide after the scandal broke a year ago. Volkswagen had so far rejected all investor complaints as unfounded and emphasized that it had duly fulfilled all notification obligations.
In the volkswagen emissions scandal, baden-wurttemberg now joins bavaria and hesse in taking legal action against the carmaker. "There are currently indications that vw did not publish insider information on manipulated emissions values without delay," the finance ministry said in stuttgart on friday. At the time the diesel affair became known, the state held a total of around 64,600 volkswagen shares in two special funds from a so-called pension fund and a pension reserve.600 shares in volkswagen.
"In order not to let a possible statute of limitations expire, the state will now file a lawsuit for the pension fund before the competent district court in braunschweig."According to an initial calculation, the amount of damage could be estimated at about 400.000 euros.