Court rules for investors in Volkswagen diesel suit

Breaking Stories

A court in Germany has ruled that Volkswagen's parent company must pay 47 million euros ($54 million) in damages to investors for not making a timely disclosure of its scandal over cars rigged to cheat on diesel emissions tests.

The dpa news agency reported that the Stuttgart court announced the verdict Wednesday against Porsche SE, which holds 52 percent of the voting rights in Volkswagen.

The company said it would appeal and called the claims "without merit."

News of the scandal broke in September 2015 but the plaintiffs argued that Volkswagen's top management knew about the troubles earlier. Former Volkswagen CEO Martin Winterkorn exercised his legal right not to testify.

The case comes in addition to investor suits against Porsche SE and Volkswagen before a court in Braunschweig, Germany. Porsche said it was "convinced that the rulings will not be sustained in a second-instance ruling."

Porsche said higher courts had ruled that the Stuttgart court should have decided the case by its full chamber, not by a single judge. It cited what it said were existing rulings by other courts that proceedings should be stayed while a so-called model case is pending before the Braunschweig court to prevent conflicting decisions on the same issues. Porsche said that the actions "are without merit and the claims raised do not exist."

German securities law requires companies to disclose information that could significantly affect the stock price so that investors can decide whether or not to sell their holdings.

The U.S. Environmental Protection Agency issued a notice of violation on Sept. 18, 2015, saying Volkswagen had installed software that turned emissions controls on during testing and off during every day driving. Volkswagen has pleaded guilty to criminal charges in the United States and incurred more than 28 billion euros ($32 billion) in fines and penalties. Winterkorn and several other Volkswagen executives serving at the time face criminal charges in the U.S. but cannot be extradited; two Volkswagen executives were sent to prison.

Related listings

  • Supreme Court wrestles with case on detention of immigrants

    Supreme Court wrestles with case on detention of immigrants

    Breaking Stories 10/11/2018

    The Supreme Court wrestled Wednesday with a case about the government’s ability to detain certain immigrants after they’ve served sentences for committing crimes in the United States. Several justices expressed concerns with the governmen...

  • Top French court to rule on faulty breast implant scandal

    Top French court to rule on faulty breast implant scandal

    Breaking Stories 10/05/2018

    France's top court is ruling Wednesday in a case that may require some 1,700 women around the world to pay back compensation they received over rupture-prone breast implants.The decision is the latest in a years-long legal drama that has potential im...

  • Flake stokes presidential speculation as court debate rages

    Flake stokes presidential speculation as court debate rages

    Breaking Stories 09/28/2018

    The Republican senator who suddenly sits at the center of the explosive debate over President Donald Trump's Supreme Court pick was set to address New Hampshire voters on Monday ahead of a possible run for president.Arizona Sen. Jeff Flake was schedu...

Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.

Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.

Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:

• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements

For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.

Business News

New Rochelle Accidents Attorneys at Kommer Bave & Ollman LLP are specializing in personal injury claims. >> read
Santa Ana, CA Workers' Compensation Lawyers We are one of Orange County’s leading Workers’ Compensation firms. >> read