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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen    VOW3   DE0007664039

VOLKSWAGEN (VOW3)
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Volkswagen : German consumer body to file VW class action suit over diesel tests

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09/12/2018 | 01:16pm CEST
FILE PHOTO: A VW logo is seen in front of the main building of the Volkswagen brand at the Volkswagen headquarters during a media tour to present Volkswagen's so called

BERLIN (Reuters) - Volkswagen will face another class action lawsuit over its rigging of diesel emissions tests, this time at home when Germany introduces a new law in November.

State-financed consumer protection organization vzbv said on Wednesday it would undertake "pioneering work" with motorists' lobby group ADAC by filing for damages on behalf of car owners.

The class action was made possible after the German cabinet approved a draft law in May that will allow consumer protection organizations to litigate on behalf of the consumers they represent, avoiding the high legal costs that might otherwise put people off bringing legal action.

Vzbv said it would aim to show that owners of VW, Audi, Skoda and Seat cars with so-called type EA 189 diesel engines had been intentionally harmed by the Volkswagen's use of software that was used to cheat emissions tests

Volkswagen said the possibility did not change its view that there was no legal basis for consumers to make claims in connection to the diesel issue in Germany.

Vzbv said it wanted to get compensation for some 2 million owners of diesel cars that were not as environmentally friendly as VW said they were at the time of purchase.

VW admitted in 2015 it had used illegal engine control devices to cheat U.S. emissions tests.

Nearly all U.S. owners of affected cars agreed to take part in a $25 billion settlement in 2016 in the United States that addressed claims from them, environmental regulators, U.S. states and dealers and included buyback offers and additional compensation for about 500,000 owners.

VW had rejected criticism that the compensation for U.S. car owners was not extended to other jurisdictions.

Consumers have brought lawsuits in countries including Switzerland, Australia and Belgium.

Information for motorists on how to join the German action is due to be posted on https://www.musterfeststellungsklagen.de.

(Reporting by Hans-Edzard Busemann; Additional reporting by Jan Schwartz; Writing by Tassilo Hummel and Ludwig Burger; Editing by Maria Sheahan and Alexander Smith)

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Financials (€)
Sales 2018 239 B
EBIT 2018 16 509 M
Net income 2018 12 393 M
Finance 2018 25 566 M
Yield 2018 3,55%
P/E ratio 2018 6,27
P/E ratio 2019 5,46
EV / Sales 2018 0,21x
EV / Sales 2019 0,18x
Capitalization 74 851 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 199 €
Spread / Average Target 32%
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Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Martin Hofmann Head-Group Information Technology
Peter Mosch Member-Supervisory Board
Bernd Osterloh Member-Supervisory Board
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