Bavaria’s state pension fund intends to file suit in September, alleging it suffered losses on 58,000 preferred shares in VW because the company failed to disclose cheating on emissions tests in a timely manner, according to a Bavarian government spokeswoman.
At least 450 private plaintiffs have filed 130 lawsuits against VW in Germany “alleging untimely disclosures and seeking billions of euros in damage”, the carmaker said in a US court on Monday.
The government revoked the certification of 32 types of car from Volkswagen, Audi and Bentley, including the Golf and the Jetta. With variants, it amounts to 80 models in total, or most of the cars sold by the group in South Korea, with just five models unaffected. The company was also fined 17.8 billion won (£12 million).
Although South Korea is a relatively small market for Volkswagen, its upmarket Audi and Bentley brands were increasingly popular in the country before news of the scandal broke. Around 68% of the 300,000 Volkswagen Group cars sold in South Korea since 2007 were powered by diesel.
In November, the government revoked certification of 126,000 VW vehicles, ordered their recall and fined Volkswagen 14.1 billion won, accusing the company of manipulating an emissions control system. Prosecutors subsequently raided Volkswagen’s Seoul offices and arrested an executive. Volkswagen voluntarily suspended sales of most of its models in South Korea from July 25, ahead of the government’s decision.
The Volkswagen Group released a statement on behalf of Audi Volkswagen Korea saying it was working with the South Korean authorities to find a fast solution “and to ensure full clarification of the irregularities in the type approval procedure”.
It stated that South Korea was an important growth market and a strategic mainstay of the Volkswagen Group in Asia.
“The objective is to offer the full range of vehicles to customers and dealers in South Korea again as soon as possible,” the statement said. “All the vehicles already registered by the authorities may still be used without any restrictions. In the meantime, the Volkswagen, Audi and Bentley brands would like to thank their customers for their loyalty and patience and are doing everything in their power to maintain the trust which has been placed in them.”