STAMFORD, Conn.--(BUSINESS WIRE)--ISAF Management Company is offering an opportunity to the claimants who did not previously join ISAF or other coalitions to litigate against VW in Germany for losses in VW and Porsche shares traded on Xetra Deutsche Börse can register their claims via ISAF in connection with the collective action (KapMuG Proceedings) at the Higher Regional Court in Braunschweig.
The case against Volkswagen AG in German court has progressed to the next stage, with the appointment of the model case lead plaintiff, Deka Investment GmbH, by the 3rd Civil Division of the Higher Regional Court (OLG) Braunschweig, in Germany.
Eligible damaged Volkswagen and Porsche investors who did not join the litigation under the KapMuG Proceedings in September 2016 or before now have the opportunity to register a claim via ISAF in connection with those same proceedings originated in the Braunschweig District Court. Any additional claimants to these proceedings has an opportunity to register eligible claims by May 24, 2017 (with a transaction data and documentation deadline of May 12, 2017).
A lawsuit, filed in September 2016 and funded and administrated by International Securities Associations and Foundations Management Company for Damaged VW Investors, LLC (ISAF VW), is being prosecuted by TILP Litigation Rechtsanwaltsgesellschaft mbH (TISAB), the leading German law firm representing the "model case lead plaintiff" and hundreds of institutional investors. The lawsuit against Volkswagen stems from the losses Volkswagen and Porsche investors sustained because of the widespread Volkswagen diesel emissions fraud.
This deadline is based on the potential loss of standing as a result of the expiration of the 3 year statute of repose under German securities laws, relating to VW's CEO being informed of the US EPA investigation into the diesel emission manipulation fraud on May 23, 2014.
This registration is related to a claim for losses against VW by VW holders or Porsche holders that also held VW shares.
Shareholders that only held Porsche shares should contact ISAF for information about some possible options relating to litigation or registration of claims in the District and Higher Regional Courts in Stuttgart, the geographically based jurisdiction of Porsche.
As the largest shareholder in Volkswagen, plaintiffs in the Porsche case argue, that with management and Board representation in VW, Porsche management had inside knowledge of the VW “defeat device” scheme. Porsche recorded a major loss to its VW holdings on its balance sheet and a drastic drop in its own share prices, as VW share prices declined.
ISAF VW PROVIDES FUNDING AND ADMINISTRATION FOR NEW CLAIMANTS
Germany is an "opt-in" jurisdiction and only those litigating or registering their VW and Porsche claims with the German court system, prior to the expiration of the statute of limitation or in some instance the statute of repose, have standing to assert their claim under a judgment or settlement resolution. There are significant legal, court and administration costs involved in the process of pursuing damages from VW in Germany.
Investors seeking damages for losses in VW and Porsche shares listed on Xetra Deutsche Börse in Germany should be aware that it is unlikely, if not impossible, to obtain jurisdictional standing for any claim for such losses in any jurisdiction outside of Germany.
For a 15% contingency fee (success fee only) and administrative out of pocket expenses limited to a maximum of 2%, ISAF VW will provide all upfront and ongoing and future funding of: a) the required loss analysis and calculations of different claims assertions available under German securities and tort law; b) registration fees for both types of claims with the German courts, and; c) additional future litigation fees, defense bonds and adverse risk costs, if needed and considered viable, to compel Volkswagen to settle with registered claimants in connection with the existing KapMuG proceedings or otherwise.
Fees includes all legal and expert fees paid to TISAB and any expert or professional consultants providing services to investors joining the ISAF VW and TISAB coalition.
Eligible institutional investors who wish to pursue a claim in Braunschweig can do so by providing eligible transaction data to ISAF VW for analysis and subsequently executing the ISAF VW Participation Agreement and related documentation.
About ISAF
ISAF Management Company is an investor service organization exclusively focused on organizing efficient representation of institutional investors in securities and antitrust litigation outside of the United States. ISAF researches jurisdictional and local issues and evaluates optionality in local and international law firm alliances and approaches and ultimately provides efficient funding, administration and management of collective redress actions via group, shareholder associations or foundations in non-U.S. jurisdictions. ISAF, through its affiliates, legal, expert and claims filing alliances, is currently managing and funding other collective action and global settlement initiatives on behalf of large international institutional investors. For additional information about ISAF Management Company, email media@isafmanagement.com for further details.