🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Shares

Trial opposing VW to 400,000 'Dieselgate' plaintiffs opens in Germany

Published 30/09/2019, 11:11 pm
© Reuters.
VOWG_p
-

Carmaker Volkswagen (DE:VOWG_p) (VW) is facing trial in Germany on Monday against hundreds of thousands of consumers demanding compensations following the so-called 'Dieselgate' scandal.

More than 400,000 owners of VW diesel cars have joined the class action against the manufacturer which opened at 08:00 CEST in the northern city of Brunswick. The trial is expected to last until 2023.

They are represented by consumer group VZBV which accuses VW of having deliberately put its consumers at risk by installing software to cheat emissions test.

Ahead of the hearing, the group's president, Klaus Muller, said: "In our opinion, Volkswagen cheated and must, therefore, be held accountable."

However, even if the court rules in favour of plaintiffs, they will not automatically be compensated and will have to file individual claims.

"We want swift proceedings. It doesn't help anyone if this process is dragged out unnecessarily," VW said in a statement to Euronews, adding, however, that they are "preparing for a lengthy procedure."

The company dismissed the argument their cars are harmful, writing: "the vehicles are driven by hundreds of thousands of customers every day, they are safe and roadworthy, which is why we do not believe there is any damage and therefore no reason for a lawsuit."

It also said that "a settlement is hardly imaginable, since it is completely unclear who has filed which possible claims. Settlement negotiations with so many unknown factors are simply not practicable."

Four years after the scandal broke out and after it admitted to fitting emission-cheating software of 11 million cars, the German company is still wrestling with several legal battles.

Last week, chief executive Herbert Dies, supervisory board chief Hans Dieter Poetsch and former CEO Martin Winterkorn were charged with market manipulation in a case opposing the company to investors.

The scandal has so far cost the carmaker $33 billion (€30.2 billion), the vast majority — $25 billion — paid to US regulators and consumers. In Germany, it has paid three fines for a total of €2.3 billion.

View on euronews

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.