The Free State of Bavaria is suing the Volkswagen AG for share value losses the Bavarian Pension Fund suffered due to the losses the VW share took because of the Diesel Emissions Scandal, merkur.de reports quoting the Bavarian Finance Ministers statement made to dpa.
“Bayern must sue Volkswagen” Bavarian Finance Minister Marcus Söder said. “The Pension Fund will file an action for damages in September before the Landgericht Braunschweig. We are also legally in the commitment of our employees. It’s about rights, which are now to be asserted by us.“
The loss the pension fund suffered amounts to some €700.000. The Free State of Bavaria is the first German state suing VW for the scandal unveiled in September 2015. The legal basis for the lawsuit seems to be that VW-bosses have missed to inform financial institutions about the scandal in time. There is also suspicion that important information was withheld.