German automaker is accused of using illegal software in diesel cars to cheat emissions tests. FMTNews German
FRANKFURT: Investors have filed a mass lawsuit with a German court seeking US$1 billion in damages from Daimler over diesel cheating, their lawyers said Tuesday.
“The plaintiffs therefore paid too much for the Daimler shares, and we believe that Daimler is liable for compensation,” Andreas Tilp from TILP Litigation said in a statement. A regional court in Stuttgart agreed in December 2018 to open the collective case against Daimler, although the Mercedes-Benz carmaker disputes falling foul of its reporting obligations under the capital markets law.
The plaintiffs include banks, pension funds and insurance companies from the European Union, North America, Asia and Australia who bought Daimler shares between 2012 and 2018, according to the TILP law firm.
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