Increasingly more Volkswagen shareholders are joining their forces, as they try to recoup some of the losses caused by the emissions scandal.
When a company loses almost a third of its value, it is expected to trigger a storm amongst its investors. About 22 billion euros in market value have vanished almost overnight from Volkswagen, since the German automaker admitted back in September that it tricked the US regulators on emissions tests. A Dutch foundation trying to recover some of the damages for Volkswagen investors said it already won the support of dozens of shareholders, including several institutions, since it was launched this week. However, the Volkswagen Investor Settlement Foundation, which wants to apply a Dutch law on global collective settlement to seek a deal with the company, declined to name the investors or say how much of Volkswagen’s share capital they represented. If it succeeds in reaching an accord with the automaker, it would then ask the Amsterdam court of appeal to declare the agreement applicable to all investors worldwide.
Many large investors are preparing lawsuits against the carmaker in German and US courts, claiming hundreds of millions of euros in damages. The Dutch foundation called on institutional shareholders to join the initiative, as it aims to “provide shareholders fair compensation for their losses,” spokesman Anatoli van der Krans said. Volkswagen faces bigger claims from owners of affected diesels, who are asking billions of dollars in compensation.