Labaton Sucharow Announces Opportunity for Volkswagen Investors Who Suffered Losses in the Emissions ScandalNEW YORK (October 22, 2015) – Labaton Sucharow LLP, AKD, and Breiteneder Rechtsanwälte Attorneys at Law announced today an opportunity to join the Stichting Volkswagen Investors Claim, a nonprofit organization established in the Netherlands to represent the interests of investors in Volkswagen Group (“VW”) securities following the automobile manufacturer’s admission of fraud in the sale of cars with a built-in software that manipulated emissions test data (“defeat device”) and the subsequent decline in the share price of VW securities.
A “Stichting” is a Dutch foundation established in the Netherlands that represents the interests of victims and may resolve claims against a defendant in the form of a collective settlement. The Stichting Volkswagen Investors Claim (“the Stichting”) is governed by an independent, highly distinguished Board of Directors, including:
- Roger Ganser, Chairman of the Board of Directors of the World Federation of Investors;
- Dr. Henning Wegener, former Ambassador of the Federal Republic of Germany and past Secretary General of the Asociación Española de Accionistas Minoritarios de Empresas Cotizadas (AEMEC) – The Spanish Association of Minority Shareholders of Listed Companies;
- Wilfried Hübscher, former Chief Executive Officer of the Berlin Stock Exchange
- Arie van der Steen, Co-Founder of ZMS BV; and
- Javier Cremades, Founder and Senior Partner of international law firm Cremades Calvo Satelo.
Reflecting the vast international scope of the claims, the Stichting has engaged counsel from the Netherlands (AKD), Austria (Breiteneder Rechtsanwälte Attorneys at Law), and the United States (Labaton Sucharow LLP). These firms are also working with attorneys from Spain (Cremades & Calvo-Sotelo Abogados) and other European countries. The Stichting will receive further support from the International Financial Litigation Network, a global network of sophisticated litigation counsel comprising more than 20 law firms from 16 different countries, as well as the World Federation of Investors, a worldwide, nonprofit organization with 55 national shareholder association members.
Representing the interests of purchasers of VW securities in the U.S. and worldwide, including common or preferred shares, and public or private debt during the period 2008 - 2015, the Stichting will promptly serve VW with a claim letter inviting VW to work towards a reasonable settlement in the interest of all investors in VW securities to avoid further legal actions.
The Stichting aims to ascertain the financial losses to VW investors resulting from the plunge in the prices of VW securities following the revelation of fraud and to obtain compensation for participating investors resulting from VW’s wrongdoing.
The Stichting seeks to work with VW in a spirit of mutual respect to find a reasonable and fair solution to the multifaceted and multinational problems caused by the company providing incomplete and incorrect information to the market—especially but not exclusively by not disclosing information that the United States Environmental Protection Agency had begun investigations and by hiding information that a defeat device was in place affecting more than 11 million of its diesel-powered vehicles. The Stichting and its advisors believe that it is only in the Netherlands, under the country’s unique procedures for group resolution, that VW and its investors will be able to reach a meaningful resolution to these widespread claims.
Lawrence A. Sucharow, Chairman of Labaton Sucharow said, “If compelled to prosecute and defend these claims through the existing individual or mass litigation channels throughout Europe and the world, Volkswagen and its investors would be engaged in such activities for the next decade. The courts of the Netherlands provide a superior alternative mechanism for collective redress should Volkswagen desire an opportunity for greater resolution.”