The International Securities Associations and Foundations Management Company for Damaged VW Investors announced today that it has organized the filing of a lawsuit for approximately €800 million (~$894.28 million) against Volkswagen AG in the Regional Court in Braunschweig, Germany because of losses incurred from the diesel emissions cheating fraud.
The latest ISAF VW lawsuit against dirty Volkswagen diesel engines and its vast emission cheating scheme is from a group of international institutional investors from the US, Europe and Canada.
The lawsuit concerns losses investors suffered from the drastic drop in VW share value in shares traded on the German Deutsche Börse Xetra exchange, as a result of the VW diesel emission fraud.
Securities class or collective actions filed in other jurisdictions outside Germany are highly unlikely to cover investor losses that stem from the largest classes of preferred and common shares, which traded on the Xetra exchange in Germany. Proceedings under the German KapMuG collective redress system are expected to get fully underway during Q4 of 2016. This one might prove troublesome.