When most people think of the diesel affair, they first think of VW. But thousands of car owners also went to court against Mercedes. Now it’s the investors’ turn – and they’re demanding hundreds of millions.
The multi-million dollar investor trial against Mercedes-Benz has begun with formalities and many organizational questions. However, no questions of content were clarified at the hearing before the Stuttgart Higher Regional Court. The 20th Civil Senate had scheduled the first meeting from the outset as an organizational date in order to discuss, among other things, the structuring of the procedure with the parties.
The investors accuse the company of violating capital market obligations. The car manufacturer concealed the use of illegal defeat devices in its diesel cars as well as the associated risks and costs and deceived investors. As a result, the share price of what was then Daimler AG fell. Because of the losses, investors are now demanding compensation. According to the Tilp law firm, which represents the model plaintiff, the total is around 900 million euros.
The car manufacturer rejects the allegations: “We consider the claims to be unfounded,” said a spokesman when asked.
Years-long process?
According to the Tübingen lawyers, a large number of private and more than 200 institutional investors have joined the process. These include banks, insurance companies and pension funds from Germany, other countries in the European Union, North America, Asia and Australia.
The test case in Stuttgart could drag on for years. This is also shown by an example from Lower Saxony: In a similar lawsuit against the Volkswagen Group and the umbrella holding company Porsche SE, there is currently a dispute over compensation for investors who suffered billions of euros in share price losses after the VW diesel affair was exposed. The process has been progressing slowly since 2018. Before a possible decision is made, the Braunschweig Higher Regional Court wants to hear from dozens of witnesses and review a large number of documents.
Source: Stern
