Investors want €8.2bn in damages from VW over the emissions scandal
The Volkswagen emissions scandal – which recently spread to US car supplier Bosch – could be about to land VW with a bill for €8.2bn (£7bn) in claims from investors.
A German court has said around 1,400 lawsuits in relation to the long running emissions scandal have been lodged at the regional court near VW's Wolfsburg headquarters in Germany, Reuters reports.
On Monday alone – the first business day a year on from when news of VW's diesel emissions test-rigging scandal broke – the court said it had received 750 lawsuits.
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VW has so far set aside around £14bn to cover the cost of vehicle refits and a settlement with US authorities.
There are concerns however the final bill could raise far further as investors and countries lodge additional complaints.
Last week it was revealed that the world's largest money manager, BlackRock, was planning to add its considerable weight to a pile of investors who want cash from VW.
Law firm Quinn Emanuel filed the suit earlier this week on behalf of a group of investors – including BlackRock – who are seeking a total of €1.3bn (£1.1bn).
Earlier this year Quinn Emanuel filed a separate suit seeking €700m.
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According to reports, plaintiffs have claimed VW didn't inform shareholders quickly enough over its emissions cheating software.
The scandal caused VW’s share price to drop by 35 per cent in two trading sessions after it was revealed by US regulators.
It was found that software in the car detected when it was on a test stand and reduced harmful emissions to allow the vehicle to pass inspections.