German Proceedings and Criminal Inquiries — Volkswagen's conduct has led to a global waive of litigation. This waive also includes the initiation of KapMug proceedings (a German class action). It is important to note that the actual KapMug proceedings have not commenced yet. Currently, the German court has not yet appointed a model case. For that reason, it is still not possible for the other investors (which are not joining in the KapMug proceedings as a party) to register their claims. After the start of the KapMug proceedings, it is expected that it would take years of litigation before a final decision is rendered. This means that the investors' patience to have a decision on their claims will be tested to a maximum. Meanwhile, the German public prosecutors are also investigating the knowledge and involvement of Volkswagen's (former) management within the scheme. This investigation would probably result in even more public facts about Volkswagen's wrongdoing and will further expand the financial exposure of Volkswagen. Nevertheless, Volkswagen keeps denying its liability and rejects taking full responsibility. This conduct is completely in contradiction with Volkswagen's earlier statements in which it was publicly apologizing for its actions, promising to cope with the consequences of the scandal and to restore the trust of the public.
Possibility for Final Closure — Once more the Foundation expresses the need for closure to this case for the benefit of the future of the company and for the compensation of the aggrieved parties. To that end, the Foundation has offered (and is still offering) Volkswagen a reasonable and fair solution by means of reaching a collective settlement, which can be declared binding by the Amsterdam Court of Appeal. In that way the company could address the aftermath of the scandal on a pan European scale. By means of this update, the Board of the Foundation stresses to its (potential) participants that it will continue to represent their interests. The Foundation will proceed with its efforts in achieving full and final closure to this case. With the initiative of the Foundation, Volkswagen could trust that it will find a reliable opponent in reaching a global solution.
Archived info: Better Finance and DSW Join WFI in Volkswagen Claim