Litigation Update
August 13, 2019:
TILP Litigation Rechtsanwaltsgesellschaft mbH, announced in a press release a "very good day for the plaintiffs" in the Court of Appeal of Brunswick. On the September 24th, 2019, The Wall Street Journal published an article surrounding the charges filed against CEO Hebert Diess. They referenced shareholder losses and corresponding claims: “If the defendants were found guilty of the charges, it would boost claims by shareholders who are seeking around €9 billion ($10 billion) in damages to recoup share losses after the emissions cheating was disclosed. Volkswagen cites the shareholder suit in the risk section of its annual reports.”
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Background
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.