Claims against Porsche and Volkswagen which were filed in a German court late last year have reached a staggering 1.8 billion euros ($2.3 billion). The massive claims pileup were filed against the two automakers for allegedly holding back crucial information from shareholders.
Porsche & Volkswagen compensation claims in Germany reach 1.8 billion euros
The huge demands come about after angry investors claimed they placed wrong-way bets on a decline in Volkswagen shares in 2008. They states that they were misled by Porsche about how many shares in Volkswagen they owned at the time, leading to what boosted VW shares.
A second lawsuit was also filed against the top German auto brands at the same German court however the exact details of it remain in the dark at this time. VW and Porsche have yet to comment. More on this as it develops.