Court: Number of investor lawsuits against Volkswagen reaches 114

The number of Volkswagen investors suing the carmaker for damages in relation to its emissions scandal has risen to 114, the German court responsible for such claims said on Wednesday.

The court in the central German city of Wolfsburg said that all 114 cases are based on allegations that Europe's largest carmaker withheld information from shareholders about the scandal and the impending fines and penalties.

Earlier this year, Volkswagen admitted that senior executives at the company had been aware of the so-called defeat devices installed in cars to circumvent emissions tests nearly 18 months before admitting their existence to regulators.

The court's announcement comes several days after Norway's sovereign wealth fund - one of the world's largest - said it is planning legal action against the carmaker "to safeguard the fund's holding in Volkswagen."

Norges Bank Investment Management was the latest entity to join a flood of legal actions over the scandal. Aside from investors and car owners, plaintiffs also include its own dealers, the US Department of Justice and the Federal Trade Commission.

The Wolfsburg court also announced on Wednesday that 46 individual car owners had filed complaints over the scandal.

Volkswagen has put aside over 16 billion euros (18 billion dollars) to pay for the fallout from the emissions scandal.

Last update: Sun, 21/08/2016 - 12:38
Author: 

More from Business

Croatia presents investment opportunities to Alibaba

Representatives of the Chinese online company Alibaba are considering the Zadar area in Croatia as a location for...

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not...

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...