In September last year, the Foundation has warned against the possible expiry of the limitation period by September 9, 2016. Since there are no court decisions or affirmative prejudice concerning the actual expiry of limitation period, the warning was necessary as to refer affected investors to judicial assertion of claims by filing a suit in front of a German civil court, in order to - in any case - interrupt the limitation period.
Over the last months, it has been reported that Volkswagen reached a 15 billion dollar settlement with the authorities, the consumers and the car dealers in the United States. Contrary to these developments, Volkswagen has raised a motion to dismiss the ADR investor case. The judge will hear this motion during a trial on December 16, 2016. Furthermore, the U.S. Discovery Proceedings under section 1782 that has been initiated by the Foundation and several other parties is still pending in court and is expected to be further dealt with by January 2017.
Since the Foundation has filed a motion for discovery proceedings in the US in order to disclose evidence, the Foundation is now awaiting a court decision by judge Breyer.
In ongoing individual investors proceedings before Austrian courts, Volkswagen vehemently denies that members of the board had knowledge of the use of the illegal software. Internal information on this issue was taken as a common product defect and therefore did not trigger the existing compliance mechanisms.
Dear Participants of the Foundation,
Following the last two newsletters issued by the Foundation informing that Volkswagen is blocking a transparent revision of the facts and is still refusing to negotiate, the Foundation is now seeking clarification of the facts of the case through court. The Foundation remains open for discussion.
Currently there is no need for any action, also not to enter into such agreements. No German opt-in class action is pending. The six months period for opting-in hasn’t even started. We recommend to join the foundation, as we will monitor the situation for you closely and free of charge.
RA Wilfried G. Hübscher confirmed taking over a position in the Supervisory Board of the Stichting Volkswagen Investors Claim. Hübscher is former CEO of the stock exchange in Berlin and attorney at law. He is an expert in capital market law and a practitioner in trading securities.