Volkswagen Prepping For Wave of Institutional Investor Lawsuits
Since the U.S. Environmental Protection Agency (EPA) announced Volkswagen AG had used a “defeat device,” as defined by the U.S. Clean Air Act, in a portion of its diesel automobiles, the stock has taken a significant hit. Shareholder losses have been estimated at €40 billion. The legal liability appears to go back to 2009, adding to the legal woes of the automobile manufacturer. Furthermore, Volkswagen had marketed these diesel automobiles to environmentally-conscious consumers. These diesel vehicles are said to be emitting nitrous oxide up to 40 times what is allowable by U.S. federal law. Some of these diesel models include: Jetta, Beetle, Audi A3, Golf and Passat. Law firms are lining up to gather shareholders in what could be a massive lawsuit. Law firms such as Robbins Geller Rudman & Dowd LLP have announced class actions on behalf of investors against Volkswagen.
Some law firms are also trying to represent the buyers of these vehicles. Law firms Kessler Topaz Meltzer & Check, LLP and Grant & Eisenhofer’s Consumer Protection and Products Liability Group are pursuing legal action against Volkswagen. In September, Seattle-based Keller Rohrback L.L.P. filed a class action lawsuit against Volkswagen Group of America, Inc. and Volkswagen AG on behalf of consumers who purchased Volkswagen vehicles tied to the diesel scandal.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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