Dates suspended: Investor process on VW diesel affair remains tough

BRAUNSCHWEIG - The multi-billion-dollar case against investors in the VW diesel scandal remains a difficult one. Several dates have been canceled again at the start of 2023. According to Deutsche Presse-Agentur, the Higher Regional Court Braunschweig has cancelled the planned hearings for February March, and April. This means that the massive proceedings will not be held face-to-face for nearly a year. They currently have a value of 4.34 billion euros. Last meeting took place on June 29, 2022. This would require the Senate to resolve some issues in the contexts of appeals and complaints. Werner stated that this would tie up the Senate's resources and make it more difficult to continue processing the model lawsuit. The key question is: Was VW too late in informing the markets? It is currently being considered whether evidence should be heard on the VW board's knowledge about inadmissible loss devices. OLG spokeswoman Werner said that the outcome of this hearing will be a major factor in the course of events. Axel Wegner, plaintiff's lawyer, told dpa that it is hard to explain to plaintiffs why the proceedings take so long in this difficult process. The Federal Court of Justice has already issued a landmark decision on Volkswagen's liability to vehicle purchasers. It is therefore desirable that the investor process moves more quickly. According to the company, it took note of the expiration of the deadlines. Volkswagen Aktiengesellschaft stated that the company stands behind its belief that it has always complied with disclosure obligations. A model decision, if it is available, is binding on all courts - as required by the Capital Investor Model Proceedings Act. Deka Investment is the model plaintiff. The model defendants include Volkswagen and VW's main shareholder Porsche SE. The proceedings began in September 2018./bch/DP/nas