Investors seek damages worth €8.2bn from Volkswagen

The company's cheating scandal has already proven to be a costly affair...

A German court has been forced to dedicate extra staff and storage space to deal with an influx of lawsuits from 1,400 investors seeking damages worth €8.2bn from Volkswagen.

The Braunschweig court said that on Monday alone 750 lawsuits arrived as the deadline to register claims approached, according to AP.

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Claims against the company relate to a delay between the company becoming aware that it faced a major payout in the US linked to its emission cheating, and making investors aware of this situation.

They say that the process of relaying this information affected their decisions over whether they should sell or hold their VW shares.

The announcement on September 18th sent the company's share price plummeting.

Reuters reports that the largest single claim came from lawyer Andreas Tulip and totaled €3.3bn.

VW says that it complied with its legal disclosure duties.

The company has set aside $18bn to cover refits and a settlement with authorities in the US, but the overall cost of this episode is expected to be higher when individual lawsuits and regulatory penalties are accounted for.