Investors sue Daimler for $1 bn in German court

FRANKFURT: Investors have filed a mass lawsuit with a German court seeking 896 million euros ($1 billion) in damages from Daimler over diesel cheating, their lawyers said on Tuesday. The 219 plaintiffs accuse Daimler of hiding the fact that it was using illegal software in diesel cars to cheat emissions tests, and of not informing investors of the risks and costs linked to the scam.
“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.
The suit mirrors an even larger case brought against German car behemoth Volkswagen, which kicked off the “dieselgate” scandal in 2015 when it admitted to installing “defeat devices” in some 11 million diesels worldwide.
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. — AFP