NEW YORK (April 22, 2016) – On the heels of the announcement of a proposed deal between Volkswagen (VW) and U.S. car owners, which offers to buy back nearly 500,000 cars equipped with emissions test cheating software, Labaton Sucharow LLP and the Stichting Volkswagen Car Claim (“the Stichting”) today invite the German automaker to enter negotiations with the nonprofit foundation representing the interests of owners of VW vehicles in Europe.
A Stichting is a Dutch foundation established in the Netherlands that seeks to resolve claims against a defendant in the form of a collective settlement. Established in November 2015, the Stichting is endorsed by European consumer protection organizations and governed by an independent, highly distinguished Board of Directors. With nearly 100,000 participants (and more to come) from 26 countries, the Stichting now represents the world’s largest group of affected owners.
According to Labaton Sucharow Chairman and advisor to the Stichting Lawrence A. Sucharow, “Over the past months, Volkswagen has demonstrated a strategy of delay and denial with respect to European car owners, yet sought to resolve the very same issues in the United States. Since its inception, the Stichting has sought to work with VW in a spirit of mutual respect and advocated a fair and appropriate out of court settlement. We believe that it is only in the Netherlands, under the country’s unique procedures for group resolution, that VW and its car owners will reach a meaningful resolution of these widespread claims. The Stichting once again invites VW to come to the table to enter negotiations and reach a global solution, demonstrating the same responsibility we know it is capable of.”