The Dieselgate saga is far from over for Volkswagen. The beleaguered automaker is now facing lawsuits totaling $9.1 billion in damage claims from investors.
On Wednesday, September 21st, a German court in the legal where the automaker is based, said that several lawsuits had been filed.
Some 1,400 lawsuits have been filed at the regional court in Brauschweig, which is near VW’s Wolfsburg headquarters.
Monday alone saw the court receiving some 750 lawsuits alone against the automaker. Monday, September 19th was the first business day after anniversary the emissions-cheating scandal broke.
The court had to bring in additional staff to process the lawsuits that have been filed by the company’s shareholders. The plaintiffs in the lawsuit allege that Volkswagen did not inform investors quickly enough about the cheating software. The software was installed into some 11 million vehicles worldwide.
The largest claim totals $3,700,851,000.00 or 3.3 billion Euros, and was filed about six months ago on behalf of institutional investors.
Another group of institutional investors is seeking 30 million Euros in damages. Also listed in the filings are investment groups seeking 1.5 billion and 550 million Euros in damages respectively. Another investment group also filed for damages of 45 million Euros.
All of this comes on top of the $18 billion the company has had to set aside for vehicle refits and a settlement with United States authorities.
Analysts believe that the costs of the scandal will rise still further as other lawsuits and regulatory penalties are filed and pursued.
If you have been affected by the Volkswagen emissions-cheating scandal by owning or leasing an affected vehicle, you may be entitled to compensation. Contact the law offices of the “Strong Arm” attorneys. John Foy & Associates will fight for you to get the compensation you deserve. Contact us today.