A generationIn the case of Volkswagen’s manipulation of a diesel car, the former CEO played Martin Winterkorn It is estimated to be the protagonist. From 2009 to October 2015, Swabian also served as CEO of the parent company of Porsche SE (PSE), Europe’s largest car manufacturer and headquartered in Stuttgart, which has been the former “Investor Model” of the local high-level regional committee. The focus of the procedure in the Procedure Law starts on Wednesday. It is about the aftermath of the collapse of the Volkswagen diesel engine and its impact on the parent company. The Wolfsburg-based company manipulates diesel engines to make pollutant emissions appear to be lower than they actually are.
At the beginning of the Filderhalle operation in Leinfelden-Echterdingen, the name Winterkorn was often mentioned. “If Winterkorn knows something about the public, does it also know something about Porsche?” Judge Stefan Vatter, chairman of the 20th Civil Senate, asked casually-without giving an answer. In the legal marathon of the Volkswagen Diesel scandal, the investor sampling procedure for PSE is another component. Among other things, the key point is the following question: Is the holding owned by the family? Porsche Piëch is controlled and holds 53% of Volkswagen’s common stock. Is it necessary to inform its shareholders of the extent of the Volkswagen incident before September 2015? The plaintiffs argued that they paid too much money for PSE stock a few years ago because they knew nothing about the diesel scam. Their argument is that if Volkswagen and the holding company notify the market earlier, it will depress the stock price earlier, and they will have to pay less for their stock.
Litigation may take longer
As an umbrella company of Volkswagen, it is also controversial whether and under what circumstances PSE is even obliged to issue mandatory stock market notices on Volkswagen price-related transactions. Considering Winterkorn’s dual role, PSE lawyer Markus Meyer pointed out that Winterkorn often brings documents home. He has read it will not arouse the interest of the capital market. PSE also pointed out that it does not have its own operating business. It is not a car manufacturer, nor is it involved in the development, manufacture, or sale of the compelling diesel engines in the United States. You and Volkswagen reject any allegations.
The judges in Stuttgart initially strictly refused to open their own test cases. You mentioned the ongoing process of Sparkasse fund company Deka Investment in Braunschweig against the public and PSE. The Federal Court overturned Swabian’s decision and directed the civil senate of the state capital to conduct its own lawsuit.
This victory was won by the Frankfurt law firm Nieding + Barth, which now represents Stuttgart’s British pension fund Wolverhampton. Lawyer Klaus Nieding is optimistic about BGH’s decision. He said at the beginning of the negotiation that the prospect of success was there.He thinks the whole litigation It may take up to five years. The procedure may end in the Federal Court of Karlsruhe. Both parties believe in this. The model plaintiff asserts a claim of 5.7 million euros. In addition, there are other plaintiffs as so-called litigants, so the total amount of claims is 8 million euros.
All other lawsuits in Stuttgart against PSE have been suspended until the proceedings are finalized. According to Volkswagen’s parent company, there are 199 lawsuits pending in the Stuttgart District Court, 2 lawsuits are pending in the Stuttgart Higher District Court, and 30 lawsuits are pending in the Braunschweig District Court. The claim seeks compensation of approximately 1.1 billion euros plus interest. OLG does not negotiate the amount of individual claims-it investigates whether the plaintiff is entitled to compensation. Even today, Volkswagen still maintains close personal contact with the holding company. Hans Dieter Pötsch, CEO of PSE, is Chairman of the Volkswagen Supervisory Board. At the beginning of the process, organizational problems were mainly solved. Now there is a pause lasting several months. Negotiations will not take place until November 9th and 10th.
