Better Finance (the European Federation of Investors and Financial Services Users) and notable investor advocacy group DSW, based in Düsseldorf, Germany, recently joined the World Federation of Investors in support of the Stichting Volkswagen Investors Claim.
At its annual meeting in Milan last October, the World Federation of Investors (WFI) formally endorsed a program to enable investors in Volkswagen AG, Porsche AG and Audi AG securities to seek recovery for losses in the value of these securities resulting from the emissions fraud committed by Volkswagen.
Since the annual meeting, WFI has been a proactive advocate by informing, educating and facilitating individual investor participation in the Stichting Volkswagen Investors Claim, a nonprofit foundation established in the Netherlands to represent the interests of victims in seeking a resolution of claims against VW. The foundation's objective is to obtain relief for investors who have suffered investment losses as a result of the Volkswagen emissions fraud.
"This foundation is a unique opportunity for all VW investors," says Jella Benner-Heinacher, DSW's chief managing director. "It opens the door for them to pursue, at no cost, a settlement with VW." Founded in 1947, DSW has more than 30,000 members and is the leading shareholders' association in Germany.
Reflecting the broad international scope of the claims, the stichting has engaged counsel from the Netherlands (AKD), Austria (Breiteneder Rechtsanwälte Attorneys at Law) and the United States (Labaton Sucharow LLP), as well as attorneys from other European countries.
Stichting Volkswagen Investors Claim's U.S. counsel, Mr. Wiebe, has successfully filed a joint application for an Order Pursuant to 28 U.S.C. § 1782 to Obtain Discovery for Use in Foreign Proceedings ("Discovery Proceedings") for both Stichting Volkswagen Investors Claim and Stichting Volkswagen Car Claim. The next step in the process will be a status conference on Thursday, 25 August 2016 at which the Court plans to set a hearing date for the Discovery Proceedings applications. It is needless to say that we will keep you informed about the status of the proceedings.
After the Volkswagen AGM it became apparent that Volkswagen will only move under judicial pressure. WFI feels the obligation to inform VW investors to consider participating in a court case for compensation vs. VW in Germany because the statute of limitation in Germany could run out on 18 of September, 2016. The Stichting foundation will recommend a funding/legal representation package to retail investors and others. We are still awaiting the complete package from the German law firms involved for the Stichting Board to make its recommendation.
Deutsche Schutzvereinigung für – Wertpapierbesitz e.V. (DSW) has advised that Nieding+Partner will only accept investor applications until Aug 1, 2016 and in doing so investors can still retain their membership rights in any claim by Stichting Volkswagen Investors Claim.
German prosecutors say they are investigating Volkswagen Advisory Board Chairman Hans Dieter Poetsch. The confirmation officially widens the probe targeting VW brand Chief Executive Herbert Diess and former CEO Martin Winterkorn to include Poetsch over suspected market manipulation. Prosecutors in Braunschweig, Germany suspect that in 2015 Volkswagen withheld financial information related to its emissions scandal that could have been divulged sooner. Germany's Transport Authority is also looking into new information involving Audi using emissions cheat software. From Reuters.
More information about Stichting Volkswagen Investors Claim is available on its website: https://www.stichtingvolkswagen-investorsclaim.com.