Monday, March 14, 2016

Oldest and Largest German Association for Private Investors Joins Stichting Volkswagen Investors Claim

NEW YORK (March 14, 2016) – Labaton Sucharow LLP, AKD, and Breiteneder Rechtsanwälte Attorneys at Law announced today that Düsseldorf, Germany-based DSW, the oldest and largest association for private investors in Germany has partnered with the Stichting Volkswagen Investors Claim (“the Stichting” or “the Foundation”). DSW has joined the Foundation to offer VW retail investors in Germany the possibility to join in a settlement with VW. The objective of the Foundation is to seek relief for investors who have suffered financial losses as a result of the Volkswagen emissions fraud.

First announced by Labaton Sucharow in October 2015 as an opportunity for Volkswagen investors to recover a part of their investment losses following the emissions scandal, the Foundation is a nonprofit organization established in the Netherlands. The Foundation was founded to represent the investors’ interests in Volkswagen AG (VW), Porsche AG (Porsche), and Audi AG (Audi) securities following the automaker’s admission of its fraud in the sale of cars with a built-in software that manipulated emissions test data (“defeat device”) and the resulting multibillion euro  decline in the price and value of VW securities. 

A stichting or foundation represents the interests of victims and may seek to negotiate a resolution of claims against a defendant in the form of a collective settlement. 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 to Spain and past Secretary General of the Asociación Española de Accionistas Minoritarios de Empresas Cotizadas (AEMEC) – The Spanish Association of Minority Shareholders of Listed Companies; 
  • Arie van der Steen, Accountant and Professional Board Member of several Dutch foundations; and
  • Wilfried Hübscher, former Chief Executive Officer of the Berlin Stock Exchange.

Reflecting the broad 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), as well as attorneys from other European countries.

Founded in 1947, DSW has more than 30,000 members and is the leading shareholders’ association in Germany. According to Jella Benner-Heinacher, DSW’s Chief Managing Director, “This Foundation is a unique opportunity for all VW investors. It opens the door for them to pursue, at no cost, a settlement with VW.”

Lawrence A. Sucharow, Chairman of Labaton Sucharow said, “We believe earning the support from such a reputable and highly respected organization like DSW continues to position our Stichting as the best solution for Volkswagen to reach a global resolution with those investors the company has wronged. We look forward to working with our new and growing list of allies in this endeavor and welcome Volkswagen’s participation so we can work toward a reasonable result for all those involved.” 

How to join

It is important for VW investors to join the Stichting, which is accepting participants at no direct cost. For more information on how to join the Stichting Volkswagen Investors Claim, please contact Rachel A. Avan, Esq., (212) 907-0709, vwinvestors@labaton.com, or visit www.stichtingvolkswageninvestorsclaim.com