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1400 Investors File Claims Against Volkswagen for Over $9 Billion
1400 Volkswagen shareholders have made demands for the German auto manufacturer to pay 8.2 billion Euros ($9.1 billion) in damages claims over its emissions scandal, a German court announced on Wednesday. The court, which is from the district where Volkswagen is based, said that it received about 750 lawsuits on Monday alone.
The emissions test scandal was disclosed on the 18th of September of last year, so the court added extra staff and storage space to process the claims of investors who feared that Monday would be the deadline to file.
VLKAY has set aside $18 billion to pay for fixing vehicles and addressing lawsuits. There is a strong possibility that the total costs stemming from the scandal could surpass this figure since Volkswagen has already agreed to a $14.7 billion settlement with a US Federal court in San Francisco.
Investors are suing because they believe that Volkswagen should have disclosed the fact that it was being investigated sooner. They found out about the scandal through an announcement by the EPA (Environmental Protection Agency). Volkswagen has admitted that its former CEO Martin Winterkorn knew about the EPA’s investigation as early as mid-2014.
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