Volkswagen Lawsuits

Demanding $9 Billion in Damages

Das Landgericht in Braunschweig (Niedersachsen), aufgenommen am 09.09.2015. Foto: Julian Stratenschulte [ Rechtehinweis: (c) dpa ]
Courting trouble in Braunschweig, the regional court closest to Wolfsburg where Volkswagen's headquarters are based.
  • Why it matters

    Why it matters

    Claims by German investors for compensation from Volkswagen may drive the cost of Dieselgate far higher.

  • Facts

    Facts

    • Volkswagen admitted last September it had manipulated around 11 million diesel vehicles worldwide, sending its shares down more than 30 percent.
    • So far, VW has set aside €18 billion to cover the costs of Dieselgate but it is unclear what will be the final cost of the emissions-rigging scandal.
    • Volkswagen agreed a $15.3-billion settlement with U.S. car owners and environmental regulators in June, but is still entangled in hundreds of other lawsuits.
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    Audio

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Investors this week filed masses of new lawsuits against Volkswagen over the carmaker’s diesel emissions scandal, which first emerged a year ago.

Fearful of a deadline that lapsed on Monday, around 750 new lawsuits were filed at the regional court of Braunschweig, close to VW’s headquarters in Wolfsburg, more than doubling the total amount of complaints to around 1,400, the court said in a statement.

The total sum demanded rose to €8.2 billion, or $9.1 billion. That’s double the amount that was claimed by early August, according to the court’s latest figures released Wednesday.

While not all of these are likely to be granted, the claims from institutional and retail investors could further raise VW’s bill to settle the affair, which has pushed Europe’s largest carmaker into crisis.

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