The billion-dollar sample process by investors on the VW diesel affair remains a tough affair – at the beginning of 2023 several appointments are canceled again. Planned negotiations for February, March and April were canceled, as the Higher Regional Court (OLG) Braunschweig announced at the request of the German Press Agency. “It is currently intended to continue the oral hearing in May 2023,” said OLG spokeswoman Rike Werner.
Thousands of suspended procedures
In the huge procedure with a value in dispute of currently around 4.34 billion euros, there was no face-to-face appointment for almost a year. The last meeting took place on June 29, 2022. As OLG spokeswoman Werner explained, there are more than 1,900 suspended procedures in connection with the process. The Senate must decide on some questions in the context of complaints and appeals. In addition to the further processing of the actual model process, this binds the Senate’s manpower, said Werner.
After the diesel affair at VW, shareholders in the lawsuit are demanding billions in damages for the price losses they suffered. The central question: Did VW inform the markets too late? It is currently being examined whether there should be a hearing of evidence on the level of knowledge in the VW board of directors about impermissible defeat devices. According to OLG spokeswoman Werner, the decision to do so has a significant influence on the further process. Extensive hearings of various witnesses are threatened.
Volkswagen sees no shortcomings in itself
In the very tough process, the plaintiffs are now difficult to convey, which is why this process is taking so much time, said model plaintiff lawyer Axel Wegner of the dpa. In view of the fact that the Federal Court of Justice has already issued a landmark ruling on Volkswagen’s liability to vehicle buyers, a little more speed would also be desirable for the investor process.
Volkswagen reacted rather soberly to the renewed delay. The group said it took note of the cancellation of the appointments. “In the matter, Volkswagen Aktiengesellschaft remains of the opinion that it has complied with its disclosure obligations at all times,” said a spokesman.
The aim of the process is to have key issues in the initial proceedings decided in advance by the next higher instance. If there is a model decision, it is binding for the courts in all proceedings – this is what the Investor Model Proceedings Act provides for. The model defendants are Volkswagen and the VW main shareholder Porsche SE, the model plaintiff is Deka Investment. The start was in September 2018.
VW has equipped millions of engines with software to manipulate the measurement of pollutant emissions. The scandal was triggered by investigations by the US Environmental Protection Agency.
(tw)
