Berlin-Volkswagen should have been published in 2008 on the engine plan that caused the diesel emissions scandal, a German court said Thursday about a test case brought by investors to automakers. He said he gave his view.
Volkswagen, which admitted to fraudulent US diesel engine testing in 2015, said it had fulfilled all disclosure obligations and the claim for compensation was unfounded.
Admission in 2015 poses the biggest crisis in Volkswagen’s history, with German companies so far costing more than € 32 billion ($ 38 billion) in vehicle repairs, fines and legal costs. It took.
The scandal dates back to 2008. It was found illegal when Volkswagen began using software to control diesel engine emissions and was later discovered by US regulators.
Braunschweig’s High District Court said that after the scandal was exposed, whether investors could claim compensation for the plunge in Volkswagen’s stock price was planned by members of the company’s executive committee to form a fraudulent act. He said it depends on being able to prove that he knew what he was doing.
Volkswagen says it didn’t interfere with anything.
“Volkswagen’s governing board had no credible knowledge that the software used in U.S. diesel vehicles contained defeat devices that were prohibited by U.S. law until the summer of 2015. “The statement states.
“This proceeding only concerns whether Volkswagen has fulfilled its disclosure obligations to shareholders and the capital markets. We are convinced this is the case. Therefore, all claims for damages are groundless. “.
The test case was submitted by fund manager Deka Investment GmbH to Volkswagen and its controlling shareholder, Porsche Automobile Holding SE.
The law firm representing Deka Investment was unable to immediately seek comment.
It is the plaintiff’s responsibility to prove by statute of limitations that Volkswagen’s board members are aware that the plan is fraudulent for the period prior to July 9, 2012, by the court of Braunschweig. Said.
Since that day, Volkswagen must prove that the failure of management to issue a statement in 2008 was neither deliberate nor gross negligence.
Until the end of January, the parties have time to comment on the court’s preliminary conclusions and provide evidence of what knowledge management had, the court said.