Volkswagen, major shareholders to a lawsuit by 40 billion – Il Sole 24 Ore

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This article was published on Oct. 18, 2015 at 14:21.
The last change is the October 18, 2015 at 15:14.

The storm continues to rage on Volkswagen. The major shareholders of the automaker would be willing to sue, demanding 40 billion euro, to the scandal of diesel engines which involved the brand. This was reported by the Sunday Telegraph citing Quinn Emanuel, the lawyer famous for his victories in major class action, called to follow the case.

Quinn Emanuel, who won lawsuits for nearly EUR 50 billion for clients and representatives of major groups, such as Google, Sony and FIFA, was contacted – reports the British newspaper – the group Bentham (fund specialized in the financing of large lawsuits) to prepare a lawsuit to shareholders of Volkswagen who have seen fade billions of euro on the stock exchange as a result of the scandal. Quinn Emanuel and Bentham – continues weekly – are contacting the major investors of VW, including the sovereign wealth funds of Qatar and Norway, to ask them to join the legal action. “We estimate losses of shareholders up to 40 billion euro,” said Richard East, co-managing partner of Quinn Emanuel in London.

The lawsuit is expected to start in Germany under the Securities Trading Act, he has hinted Quinn Emanuel, who hopes to present the first installment of lawsuits by February. The law firm will support – according to a report in the Sunday Telegraph still – that atteggiamo Volkswagen in the affair of diesel engines is a major responsibility in the management by the management. East added that the damage could be calculated from 2009 – when VW started the installation of devices for its engines – arguing that if investors had known of the affair would not have held or traded shares of the Wolfsburg.

And while the French police are seizing documents and computers in some locations Volkswagen in France (in Villers-Cotterets, in the north, and another office near Paris) and the judicial authorities have opened a transalpine ‘ Inquiry on the issue of emissions of exhaust-fixing, in Italy the German automaker has apologized to customers buying space in the newspapers (among them Il Sole 24 Ore). The Group promises that will do anything to “restore the confidence”: “We have made a serious mistake – it says – we compromise the relationship of trust that binds us. We apologize to everyone, first you to our customers. ” On the page, the company confirms that “all vehicles are still technically safe and suitable for road use and can continue to be used normally without any limitations. When the technical solution will be available, we will contact all the owners of the cars involved, urging them to bring their vehicle at your local dealer or service partner to perform the surgery necessary. Of course completely free of charge. ”

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