Court orders top VW shareholder to pay damages

FRANKFURT AM MAIN: German judges on Wednesday ordered Volkswagen’s largest shareholder, holding company Porsche SE, to pay damages to some of its own investors over its handling of VW’s “dieselgate” emissions scandal.

A Stuttgart court awarded shareholders in two cases a total of €47 million ($54 million), saying that Porsche SE failed to inform investors in a timely way about software to cheat emissions tests built into millions of Volkswagen cars. The 2015 revelation sent the value of the manufacturer’s stock plunging more than 40% and Porsche SE’s 30% in the following days. In a statement of its own, the firm said it plans to appeal both judgements, arguing that “the suits are unjustified and the claims have no basis.”

Published in The Express Tribune, October 25^th, 2018.

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