Important Notice: All claims against Volkswagen AG and Porsche Automobil Holding SE will expire on December 31, 2018.
All investors, retail and institutional, therefore have little time left to assert their claims. The possibility of benefiting from the Capital Markets Model Case proceedings exists only until December 31, 2018.
On September 10, the oral hearings of the KapMuG model case proceedings against Volkswagen AG and Porsche Automobil Holding SE in the „Emissions Scandal“ matter have officially commenced with the Higher Regional Court’s 3rd Civil Senate in Brunswick. There, the model case lead plaintiff together with hundreds of other institutional investors is represented by our sister company TILP Litigation Rechtsanwaltsgesellschaft mbH. The volume of these institutional claims our sister law firm represents, amounts up to 5 billion Euros. Our law firm TILP Rechtsanwaltsgesellschaft mbH represents over 1,000 private investors.
The first three trial dates in court went very well for claimants. We woulkd like to highlight the Higher Regional Court´s most important statements:
- The very promising material claim under § 37b WpHG (former version) which is setting the legal framework for the obligation to pay damages due to omitted Ad hoc news, should be applicable for claims beginning as of July 10, 2012. These claims will be time time-barred after December 31, 2018.
- Very promising seem claims concerning purchases beginning in June 2014 and thereafter while the court indicated that claims stemming from purchases for the time before June 2014 should be bolstered with further substantiation.
- Volkswagen’s objection whereas no duty existed to announce any Ad hoc news because Volkswagen was negotiating with US authorities about the handling of emission manipulations was denied by the court because the self-exemption statute under § 15 subsection 3 WpHG is not applicable.
- The plaintiff’s pleadings, whereas the former CEO of VW AG, Prof. Martin Winterkorn, should have gotten knowledge about the emission manipulations before the start of the sale of cars in the year 2008, seem to be substantiated. So it is now up to VW AG to demonstrate why the leading managing board of VW did not have any gross negligent lack of knowledge for risks resulting from the defeat devices or even more Volkswagen need to demonstrate that the managing board did not accept the risks and kept them silent towards the capital market.
Against this background and due to further advantageous explanations from the Higher Regional Court, we now see even greater chances of success than ever before for harmed investors. This especially relates to purchases of securities from the late stage of the Diesel scandal’s class period starting in June 2014. But it also relates to purchases for the time after June 6, 2008. For the latter, VW and Porsche are sued under a tort claim based on intentional immoral harm as well as for wrong financial reports and the omitted disclosure of Ad hoc news related to the wrong financial reports.
If you would like to claim for damages concerning purchases of shares that had been done on or after June 01, 2014, you might have the possibility to get financial support by a funder which means you do not have to bear any cost risk.
Please do not hesitate to contact us!