FRANKFURT, March 8 A German court named
Frankfurt-based Deka Investment on Wednesday as lead plaintiff
for 1,470 damages claims against Volkswagen
totalling 1.9 billion euros ($2 billion).
The plaintiffs say they lost money on a drop of almost a
quarter in Volkswagen's share price when it admitted cheating
U.S. diesel-emissions tests in September 2015. They say
Volkswagen should have warned the market earlier of the risk.
The claims represent just a fifth in value of the investor
cases pending at the Braunschweig higher regional court and a
small fraction of the legal headaches that Volkswagen faces
worldwide from investors, consumers and regulators.
The claims are being gathered in Germany's closest
equivalent to a class-action case, in which one case is picked
as representative and the outcome applied to all the others.
In all, around 1,540 investor cases are pending at the court
with a total claims volume of 8.8 billion euros. A court
spokesman said most of the other claims were from foreign
Other existing plaintiffs can apply to join the test case
proceedings for the next six months but new plaintiffs cannot
come forward to join. The court said it would set a date for a
first hearing within the next three months.
($1 = 0.9473 euros)
(Reporting by Sabine Wollrab; Writing by Georgina Prodhan;
Editing by Keith Weir)