FRANKFURT, Germany — A German court says it has added staff and storage space to handle a flood of 1,400 investor lawsuits against Volkswagen seeking damages worth about $9.2 billion.
The regional court in Braunschweig said Wednesday that 750 lawsuits arrived Monday alone from a single law office as a possible one-year deadline to file approached. The court said the Volkswagen investor lawsuits equaled about half of its normal intake for an entire year.
Institutional and individual investors claim VW did not disclose in a timely way that it faced costly action from U.S. regulators over cars with software that enabled them to cheat on diesel emissions tests. They say the information could have enabled them to decide whether to sell their shares, which fell sharply after the U.S. regulators announced the case on Sept. 18, 2015.
Volkswagen said in a statement that the company “remains of the opinion that it duly fulfilled its disclosure obligations under capital markets law. This view has also been confirmed by a careful examination by internal and external legal experts.”
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