The Court has set September 10, 2018 as the start date for a series of weekly hearings extending through 2018 and into 2019. At these weekly hearings it is anticipated the Higher Regional Court will provide instructions regarding issues the parties will be briefing.
On March 8, 2017, the 3rd Civil Division of the Higher Regional Court (OLG) Braunschweig, in Germany, appointed Deka Investment GmbH the model case lead plaintiff. That lawsuit is funded and administrated by International Securities Associations and Foundations Management Company for Damaged VW Investors, LLC (ISAF VW), and is being prosecuted by TILP Litigation Rechtsanwaltsgesellschaft mbH (TISAB), the leading German law firm representing the model case lead plaintiff and hundreds of institutional investors.
For all intents and purposes, the deadline to join this collective action has passed.
Eligible damaged Volkswagen and Porsche investors who did not join the litigation under the KapMuG Proceedings in September 2016 or before may have one last opportunity to register a claim via ISAF in connection with those same proceedings originated in the Braunschweig District Court by November 2018. Battea will coordinate with the law firms and the litigation funding group to ascertain the possibility of joining the collective action once client transaction eligibility has been confirmed.
It is critical for investors that purchased shares of Volkswagen AG (“VW”) securities listed on the Deutsche Börse Xetra (“DB Xetra”) exchange in Germany to understand how to access potential damages awards that may result from litigation or settlement with VW, in connection with the Volkswagen diesel engine emissions “cheat devices” scandal. The US class action litigation against VW only covers American Depository Shares (“ADS”) trading on the New York Stock Exchange (“NYSE”). The vast majority of losses for many investors were suffered in the VW shares trading on the DB Xetra exchange in Frankfurt. Therefore, in order to be eligible to participate in any future settlements or damages awards for such losses, investors have to proactively opt-in to organized collective group litigations (coalitions), in Europe, unless of course they decide to initiate litigation on their own.
Battea has studied the available litigation options and continues to stay abreast of developments on behalf of our clients. In addition to our regular process of data handling, loss calculations, class action claims filing and settlement recovery processing from inception through any ultimate settlement recovery, we are available to review, and provide input and assistance to clients to articulate available options.
Battea Global Litigation Research, LLC published the "Volkswagen Independent Securities Litigation Overview", a discussion document which explains two types of claims - Inflation Claims and Rescission Claims – and reviews a number of factors that are relevant when analyzing possible loss recovery options, including jurisdiction, Statutes of Limitation, anonymity, adverse or counter-party risk and other opt-in coalition issues. For parties interested to learn more, please download this report today.