Compensation losses: Porsche Holding loses a lawsuit against its shareholders – economy

From Harry Pretzlaff October 24, 2018 – 8:27 pm

For the first time, the Porsche Holding has suffered defeats in the dispute with shareholders who accuse the main shareholder of VW of having informed too late the scandal of the exhaust gases.

Stuttgart – The Stuttgart Regional Court has entrusted to Porsche Holding, VW 's main shareholder, the obligation to pay shareholders of damages of an amount of nearly 47 million euros. This is the first time shareholders are right in a court that has accused the holding company of Stuttgart of having informed too late the manipulation of the emission control of diesel engines. Because diesel engine exhaust gases were more outgoing than allowed, fraudulent software was installed, which guaranteed engines while keeping the limits on the test bench, but largely overwhelmed on the road .

The US Environmental Protection Agency (EPA) discovered the fraud in September 2015. At that time, VW and Porsche were informing the public about the manipulations. Investors have, however, speculated that the fraudulent manipulations internally, even at the highest level of management, were known much earlier, so the information was too late and they bought their shares too expensive.

Allegations trigger wave of lawsuits

These allegations triggered a wave of complaints. According to a spokesman for several civil chambers, about 200 complaints of disgruntled investors have been filed against the major shareholders of VW Holding, Porsche Holding and VW, seeking redress. The Stuttgart judge, Fabian Richter Reuschle, wanted to consolidate these complaints in a pilot case before the Stuttgart Higher Regional Court, where fundamental questions had to be clarified in advance, before the individual applications were then judged by the district court.

However, such a trial has already begun in September before the Higher Regional Court of Braunschweig. The other chambers of the Stuttgart District Court have therefore suspended their complaints about this gigantic process. Judge Reuschle, meanwhile, wanted to start a second trial in Stuttgart. However, the Stuttgart Higher Regional Court recently told him that it made no sense in this respect, as it was the same problem in Braunschweig and Stuttgart.

Before the official fall of this decision of the regional superior court, Judge Reuschle has now ruled on two legal actions. According to his badessment, the company should have informed on May 23, 2014 about the handling of exhaust gases, because Martin Winterkorn, who was the personal union at the head of VW and the Porsche holding, had already been informed of the problems, but had not done anything about it. have. Winterkorn was grossly negligent in his position as company manager.

The holding company reportedly informed shareholders too late

The knowledge of Winterkorn could also be attributed to the company. As a result, the holding company informed too late in September 2015 and therefore breached the disclosure requirements. The first information would have led to a fall in prices. As a result, investors say they bought their paper too much during the period and are now demanding financial compensation.

Porsche Holding immediately announced an appeal against the decisions. "We are convinced that the judgments in the next instance will not last," the company said. The complaints are unfounded. The Porsche Holding pointed out that the Higher Regional Court of Stuttgart had emphasized that the procedure should not be decided by a single judge, but by a chamber. In addition, the Higher Regional Court of Stuttgart, like the Oberlandesgericht Braunschweig, considers that the actions should be suspended until a decision is rendered in the court of appeal. Brunswick test case. Kirchentellinsfurter's lawyer, Andreas Tilp, who represents one of the two successful plaintiffs with a partner firm, on the other hand attaches to the decision a far-reaching scope for further lawsuits against the holding company and VW. Marc Tüngler, managing director of the German Association for Securities Protection, spoke of a "milestone in the struggle of shareholders of VW and Porsche to obtain damages". The positive judgment of Stuttgart has a signal effect.