TILP Rechtsanwaltsgesellschaft mbH
TILP Rechtsanwaltsgesellschaft mbH
Press Release:
Investor actions VW-Dieselgate: Positive outcome over the course of the first days of the hearings before the Higher Regional Court of Braunschweig – Volkswagen AG liability to shareholders, bond buyers and derivatives buyers deemed possible – statute of limitations threatens to take effect December 31, 2018. Kirchentellinsfurt, September 28, 2018 As is well known, the law firms of the TILP Group represent the model case lead plaintiff, along with well over a thousand institutional and private investors in the Capital Markets Model Case Proceedings against Volkswagen AG (VW) and Porsche Automobil Holding SE (PSE) in the “Dieselgate” matter before the Higher Regional Court (OLG) in Braunschweig. The first oral hearings took place before the OLG on the 10th, 11th and 17th of September. The OLG Braunschweig delivered its preliminary assessment on a number of points, among which the court stated that certain particularly well positioned claims per the German Securities Trading Act (WpHG), against VW, which would have arisen as of July 10, 2012, are not yet time-barred. In addition, potential tort claims for the period as of June 6, 2008 are still eligible for recovery as well. According to the statements of the Senate, claims from securities purchases from May 24, 2014 onwards are particularly promising. The OLG also considered VW’s liability vis-à-vis purchasers of bonds, Porsche preferred shares and derivatives to be fundamentally possible. Any claims against PSE have not yet been addressed by the court. The OLG Braunschweig rejected various central defense arguments brought by VW. Therefore, VW cannot rely on the defense that they were exempt from ad hoc obligations before September 18, 2015 nor can they rely on their right to avoid self-incrimination. Furthermore, the court affirmed that the plaintiff’s pleadings regarding former chairman of the board, Professor Martin Winterkorn’s knowledge of the technological developments, was sufficient enough to impose on VW the so-called secondary burden of disclosure with regard to Winterkorn’s knowledge. This means that VW must substantiate and conclusively explain why and how Winterkorn would have had no knowledge of the emissions manipulations. Procedurally, this provides considerable strengthening of the plaintiff investors’ legal position. These and other positive preliminary assessments made by the OLG Braunschweig have significantly increased the plaintiffs’ chances of success. The next trial dates are set for the 26th of November, the 3rd of December and the 10th of December, with further dates to follow in 2019. All aggrieved investors who have purchased VW shares, VW bonds, derivatives on VW shares and / or Porsche shares between June 6, 2008 and September 18, 2015, and who have not yet initiated any legal action can do so until December 31, 2018 at the latest. After this date the expiration of the statute of limitations threatens, time barring all claims. Interested parties can register free of charge at www.vw-klage.de to receive additional cost-free information immediately. Contact Information TILP Rechtsanwaltsgesellschaft mbH Marc Schiefer | LL.M. (Miami) Einhornstraße 21 D-72138 Kirchentellinsfurt Phone: + 49-7121-90909-65 Fax: +49-7121-90909-81 E-Mail: medien@tilp.de www.tilp.de TILP Rechtsanwaltsgesellschaft mbH TILP Rechtsanwaltsgesellschaft mbH (“TILP”), with its office in Tuebingen, is one of Germany’s leading and most experienced law firms with an exclusive focus on effectively protecting the interests of aggrieved investors since 1994, whether they are institutional clients, family offices or private investors. The media and even their competitors share this opinion: For many years now TILP is considered as one of the absolute market leaders in the fields of banking law and capital market law in Germany. The publisher NOMOS in its “Handbuch der Kanzleien 2014″ (Handbook of German Law Firms 2014) calls TILP ” ‘the’ leading capital market law firm”. The handbook for corporate law firms 2014/2015 of JUVE, the leading legal expert publication, evaluates TILP as one of the top leading law firms in the area of capital market litigation for over ten years. According to publications of JUVE, TILP is “one of the leading law firms representing both, institutional and private investors in banking and capital market law matters … which ranks among the top tier addresses for years now and … which decisively has shaped this field of law”. Moreover, competitors attest TILP an “archetype function and high professional competence”. In its annual handbook 2016/2017 the legal market journal JUVE has ranked TILP as the nation’s only boutique law firm for financial disputes and securities litigation in the absolute top-tier for the category “Commercial Litigation and Liability”. Since 1994, TILP has successfully acted in the fields of banking law, stock market law, investment law and capital market law. Since then, the law firm has effectuated about more than 150 decisions of the German Federal Court of Justice (Bundesgerichtshof) and the German Federal Constitutional Court (Bundesverfassungsgericht) which were of fundamental importance for investor rights in Germany – the journal FOCUS referred to the German Federal Court of Justice’s decision on hidden commissions charged to investors (the so called “kickback decision”), which was argued by TILP in December 2006, as a “sensational decision” (edition 11/2007). For consumer advocates this decision constituted a “major milestone in consumer protection”. TILP’s practice has designated expertise in the area of national and international collective redress in particular regarding national collective redress mechanisms under the German Capital Market Model Claims Act (Kapitalanleger-Musterverfahrensgesetz, KapMuG). In November 2012, a reform of this Act came into force for which Andreas Tilp was one of the nine experts by the Committee on Legal Affairs of the German Federal Parliament. In October 2014 TILP has won the “biggest court proceeding in German economic history” (DER SPIEGEL as of 3 March 2008) before the Federal Court of Justice (Bundesgerichtshof) in the model case proceedings against Deutsche Telekom AG regarding DT3. He also won the proceedings for the model plaintiff in the model case proceedings against Hypo Real Estate Holding AG (HRE) before the Higher Regional Court (Oberlandesgericht) of Munich. The Frankfurter Allgemeine Zeitung called Andreas Tilp “an expert for mass claims” (December 11, 2014) and “Mister KapMuG” (September 18, 2016). The business magazine CAPITAL calls Andreas Tilp “an established force …considered one of the most experienced attorneys…” (edition 17/2006). For Sueddeutsche Zeitung, he is “the Nestor among the investor protection attorneys” (25 November 2008). The journal DER SPIEGEL refers to him as an “international experienced investors’ attorney” (edition 31/2008). According to the evaluation of the Frankfurter Allgemeine Sonntagszeitung, he is “probably the best known attorney in this country” (16 August 2009). Andreas Tilp is vice chairman of the legislative committee for banking and capital market law of the German Bar Association (Deutscher AnwaltVerein) and is a vehement advocate for the interests of aggrieved investors for example at the roundtable discussions and hearings of the German Bundestag and of the European Commission. He acted inter alia as an expert for the Corporate Governance commission of the German government regarding the investor protection and functionality improvement act, the AIFM directive and for the first financial market reform act. TILP is partner of the law firms TILP PLLC, New York as well as TILP Litigation Lda & Comandita (ZFDM), Funchal/Madeira, which are specialized on the international representation of institutional investors and entities on the field of capital market and antitrust law.
End of Media Release Issuer: TILP Rechtsanwaltsgesellschaft mbH Key word(s): Services
28.09.2018 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
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