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The Volkswagen scandal : information from Better Finance
DSW, the German shareholder protection association, gave a detailed account of the current situation and the means by which individual shareholders can seek redress.
There are two potentially viable routes for seeking redress:
- in German courts by means of a ‘Model Case procedure’ under the newly reformed Capital Markets Model Case Act (KapMuG), there being no class actions in Germany;
- in the Netherlands under the Act on Collective Settlement of Mass Damages.
Both routes are open to UK investors and can be pursued concurrently. In theory, the deadline for action is 'spring 2016'; in practice summer 2016 is more likely. The facts of the case are still fluid, VW has recently narrowed the scope of affected vehicles and a share price recovery has mitigated some holders’ potential losses.
DSW has helpfully published information in English and will keep interested parties advised of progress in the case and any approaching deadlines. Any UK-based holders of ordinary or preference shares in VW or its listed subsidiaries, as well as any other securities issued by VW, are advised to contact DSW: www.dsw-info.de/Englisch.943.0.html. See also www.betterfinance.eu.
Additional help may be available to VW investors who are UKSA members.