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US flag at VW dealership in California: lawsuit on behalf of the company
Photo: MIKE BLAKE / REUTERS
The VW main owner Porsche SE (PSE) is confronted with a shareholder lawsuit in the USA in connection with the diesel scandal.
According to the interim report of PSE, which is the largest shareholder in Volkswagen with 53.3 percent of the voting rights, the lawsuit filed with the Supreme Court of New York State is directed against Porsche SE and former members of the board of management and supervisory board of Volkswagen as well as other people.
"The plaintiffs claim to be shareholders of Volkswagen AG and with their lawsuit are asserting alleged claims of Volkswagen AG for them," the report continues.
The lawsuit - a so-called derivative action - is based, among other things, on alleged breaches of duty under the German Stock Corporation Act and the German Corporate Governance Code.
The plaintiffs therefore want the court to determine that the defendant has breached its duties vis-à-vis Volkswagen and award the Wolfsburg-based group a claim for damages.
The brief submitted to the court in April 2021 has not yet been served on the company.
A PSE spokesman said the amount of a claim for damages is usually not yet quantified when a lawsuit is filed in the USA.
A derivative action or shareholder derivative suit is brought against a third party by one or more shareholders on behalf of a company. This third party is often an organ of a company, such as the board of directors or the supervisory authority. The plaintiffs want to take the place of the company if, from their point of view, it has not become active itself.
The PSE and Volkswagen have already faced several billion euros in investor lawsuits in courts in Braunschweig and Stuttgart. The plaintiffs accuse the companies of having informed them too late about the diesel scandal and are demanding compensation for losses in the price of their shares. Almost six years ago, under pressure from the US environmental authorities, Volkswagen admitted that it had manipulated the emission levels of diesel cars. The reparation for the scandal has cost the Wolfsburg-based car company more than 32 billion euros so far.
The Wolfsburg-based company recently agreed on compensation for the diesel scandal with former CEO Martin Winterkorn and ex-Audi boss Rupert Stadler, as well as two other ex-board members.
Winterkorn pays 11.2 million euros, Stadler accounts for 4.1 million.
With the out-of-court settlement, Volkswagen wants to put a line under this chapter.
However, the agreement met with criticism from small shareholders and fund companies.
They complain that the sum is below what Winterkorn last earned as CEO and that he does not have to fear any further demands from VW.
fdi / Reuters
