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Diesel scandal: investors are suing Daimler

2020-01-07T13:49:33.520Z

In connection with the diesel scandal, investors are demanding compensation from Daimler. The total amounts to 896 million euros.



Investors have filed claims for damages against the automobile manufacturer Daimler in connection with possible diesel exhaust gas fraud. The Tübingen law firm Tilp announced on Tuesday that it had been commissioned to do so by 219 institutional investors, and that the total claim for damages amounted to EUR 896 million.

According to the information, complaining investors include banks, insurance companies and pension funds from Germany, other EU countries, North America, Asia and Australia. A spokeswoman for the Stuttgart Regional Court confirmed the receipt of the lawsuit on request.

Tilp said that Daimler was accused of violating capital market obligations. The carmaker concealed the use of illegal shutdown devices in its diesel vehicles, as well as the associated risks and costs, from the capital market and deceived investors about the truth.

Lawsuit unfounded

At Daimler, it was said on request: "We consider the lawsuits known to us to be unfounded and will defend ourselves against the allegations using all legal means - possibly also in a model case."

So far, VW investors have been demanding billions of dollars in damages for price losses after the diesel fraud became known in accordance with the Investor Model Procedure Act (KapMug). Investors accuse the management of the Volkswagen Group and the Porsche parent company PSE of informing them too late about the financial risks of the exhaust gas manipulations that became known in September 2015. This multi-billion dollar investor process has been slow.

Source: zeit

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