VW investors seek $9 billion in damages over emissions scandalSeptember 22, 2016 - 11:29 AMT PanARMENIAN.Net - Volkswagen faces 8.2 billion euros ($9.1 billion) in damages claims from investors over its emissions scandal in the legal district where the carmaker is based, a German court said on Wednesday, September 21, Reuters reports. About 1,400 lawsuits have been lodged at the regional court in Braunschweig near Volkswagen's (VW) Wolfsburg headquarters, the court said. The Braunschweig court said it received some 750 lawsuits on Monday alone, which marked the first business day after the anniversary of VW's diesel emissions test-rigging scandal. It said it brought in extra staff to process suits submitted by shareholders concerned Sept. 18 - the day VW's manipulations were disclosed a year ago - could be the deadline to file. Plaintiffs say the German carmaker didn't inform shareholders quickly enough over its cheating software, which was installed in up to around 11 million vehicles worldwide. VW, which faces lawsuits and investigations across the world, has consistently said it did not break capital markets regulations in the disclosure of its cheating. The biggest claim at the Braunschweig court, totaling 3.3 billion euros, was filed by lawyer Andreas Tulip on behalf of institutional investors around half a year ago. The court detailed additional complaints on Wednesday, saying they included a filing by institutional investors for 30 million euros in damages, two investor groups demanding 1.5 billion and 550 million euros respectively and an investment company that sued the carmaker for 45 million euros. It would take about four weeks to fully process the additional claims, the court said. VW has so far set aside about $18 billion to cover the cost of vehicle refits and a settlement with U.S. authorities, but analysts think the bill could rise much further as a result of lawsuits and regulatory penalties. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Director General of Ucom takes part in recruiting conference Ralph Yirikian participated in the Recruit Days business and networking conference organized by Move2Career. Ameriabank named Best Bank in Armenia for 2024 by Global Finance Ameriabank has been named the Best Bank in Armenia by Global Finance magazine in its 31st annual awards. Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. Lavrov rejects Armenia’s “defamation” of Russia, CSTO Lavrov decried the Armenian leaders’ “defamation” of Russian soldiers and border guards deployed in Armenia. |