First emissions scandal law suit filed against VW in Germany

The first law suit against Volkswagen has been filed in Germany on behalf of hundreds of institutional funds seeking damages resulting from the emissions scandal. That’s right, the law suit is not coming from car owners or fleet managers but from institutional shareholders!

It is reported to be the first of two law suits filed for shareholders said to have lost “hundreds of millions of euros” due to the loss of share value in the week after VW disclosed its use of defeat device software in its diesel vehicles last September. It’s reported that the claims are thought to run into billions of pounds.