Volkswagen, condemned to pay 47 million to its shareholders for taking time to inform them of the dieselgate scandal
The Provincial Court of Stuttgart (Germany) has condemned on Wednesday the Volkswagen automobile group , parent of Porsche , to pay 47 million euros in compensation for not adequately informing the shareholders of the scandal on the handling of emissions of polluting gases .
The court, in the first ruling of this type in Germany, said that Porsche “must compensate the complainant shareholders for the violation of the reporting obligations of the capital markets regulations in relation” to the scandal of the fraud of emissions, according to a statement from the audience.
The ruling provides compensation of more than 44 million euros for a group of shareholders represented by the lawyer Josef Broich, and 3.2 million euros for the pension fund of the British city of Wolverhampton, which had legal defense from the firm Nieding + Barth. Porsche has already rejected the ruling, considering it unjustified, and announced that it will file an appeal.
The judgment, which is not firm, argues that the Volkswagen group informed its shareholders too late – and therefore deficiently – about the evolution of the scandal and its consequences. The court limits the compensation between May 23, 2014 (when it considers that the company could have already communicated the issue) and September 22, 2015, when the scandal was uncovered following an investigation by the United States authorities.
Judge Fabian Reuschle, in charge of the two civil proceedings on this same matter that were ruled in today’s 22nd floor of this hearing, affirmed that at least the then president of Europe’s largest vehicle manufacturer, Martin Winterkorn , failed to comply “seriously” with its obligations.
In September 2015 it was revealed that the Volkswagen group had included some illegal systems in some 10 million vehicles worldwide to make it appear that their engines were complying with emission limits, a scandal that cost Winterkorn the presidency and triggered dozens of processes legal against the company.