From the Home Office
WFI Activity Advocates for Individual Investors
Subject: VW Emissions Case: $20 Billion in Claims and Counting
Article by Roger H. Ganser, Chairman, NAIC/BetterInvesting Board of Directors and Chairman, World Federation of Investors, and Dr. Henning Wegener, former Ambassador of the Federal Republic of Germany to Spain and Honorary WFI Director. (Editor's note: The views expressed in this article are solely those of the individual authors and not of any organization in which they serve or participate.)
Volkswagen's fraudulent default device scandal now totals over $20 billion in awarded claims in the U.S. car case, with additional claims being made by consumer environmental, national and local governments throughout Europe and the U.K. Concurrently, Volkswagen has steadfastly denied that it needed to warn VW investors earlier about the scandal and the resulting financial claims against the company and their financial impact on VW investors.
Last April Roger reported on the actions of the World Federation of Investors decision to become actively involved in the Volkswagen fraud case that has had a serious financial impact on individual investors around the world (see May 2017 issue). This became all the more important as individual investors in Europe had no recourse because class action was not allowed. Consequently, the WFI formally endorsed a program to enable investors in Volkswagen AG, Porsche AG and Audi AG securities to seek recovery for losses in the value of these securities resulting from the emissions fraud committed by Volkswagen.
WFI has been a proactive advocate by informing, educating and facilitating individual investor participation in the Stichting Volkswagen Investors Claim, a nonprofit foundation established in the Netherlands to represent the interests of victims in seeking a resolution of investor claims against VW. The foundation's objective is to obtain relief for investors who have suffered investment losses as a result of the Volkswagen emissions fraud by means of open negotiations instead of costly legal challenges.
Roger is serving on the Stichting's independent Board of Directors along with colleague Dr. Henning Wegener, former Ambassador of the Federal Republic of Germany to Spain and Past Director General of the Spanish Association of Minority Shareholders of Listed Companies. Roger serves as Chairman of the Stichting Supervisory Board and Dr. Wegener serves as Chairman of the Stichting Management Board. Because of their close working relationship, Roger asked Dr. Wegener to be a co-author for this article. Dr. Wegener brings the political and cultural elements together when describing Volkswagen's behavior in the yes of world markets.
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