Porsche SE ordered to pay damages over emissions scandal disclosures
Porsche SE has been ordered to pay damages to shareholders and charged with violating disclosure rules connected to the diesel emissions scandal, law firms involved in the case said.
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Investors sued the company for failing to tell shareholders about the emissions scandal quickly enough, as the holding company owns a 52.2 per cent stake in Volkswagen, which was implicated in the scandal.
The law firms said Porsche SE should have informed shareholders in a more timely manner, Reuters reported.
Porsche SE said: “Porsche SE will lodge appeals against the rulings rendered today with the Higher Regional Court of Stuttgart and is convinced that the rulings will not be sustained in a second-instance ruling…Porsche SE is convinced that the actions are without merit and that the claims raised do not exist.’
German law firm Nieding & Barth said Wolverhampton’s pension fund was awarded €3.2m by the court in Stuttgart, and a second firm Tilp said that Porsche SE had been told to pay €44m to other shareholders, Reuters said.
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