Blackrock, one of the largest investment funds in the world, as well as one of the major shareholders of Volkswagen has decided to join other shareholders and ask the German company for damages of two billion euros due to the Dieselgate scandal.
Tomorrow a law firm representing 100 investors will file the writ against Volkswagen in a court in Lower Saxony, the automaker's home region.
"On behalf of its investors, Blackrock, along with other institutional investors, has taken legal action against Volkswagen for its failure to disclose the use of devices designed to manipulate emissions tests," a fund spokesperson told the Financial Times. .
It should be recalled that BlackRock is the group's second largest private investor in preferred stock without voting rights, after the Qatar Investment Authority, with a 3,35% stake, and the eighth largest shareholder in common stock.
State Street, Nodea Asset Management, the California State Teachers' Retirement System (Calstrs) and the Greater Manchester Pension Fund will also sue the Wolfsburg-based company together with the American giant.
At the same time, Tilp, which represents 250 Volkswagen shares, also announced its intention to start legal action in order to guarantee investors total compensation of around 3 billion. In total, according to legal sources, the German company could face claims for damages of between 5 and 8 billion euros.
