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August 3, 2016

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Bavaria to file suit against VW

GERMANY’S state of Bavaria will sue Volkswagen for damages caused by the diesel emissions scandal, the state’s finance ministry said yesterday, adding to the carmaker’s litigation risks.

Bavaria’s state pension fund for civil servants lost as much as US$783,580 after Volkswagen shares plunged in the wake of the September 18 announcement of the carmaker’s manipulations by US regulators, a spokeswoman at the ministry said.

Bavaria, home to German blue-chip companies including BMW, Siemens and Allianz, would be the first of Germany’s 16 federal states to take legal action against VW over the scandal.

Deutsche Presse Agentur, which reported the lawsuit yesterday, said the state pension fund will file its suit against VW in September at the regional court of Braunschweig near VW’s Wolfsburg headquarters.

VW declined to comment.


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