DC-Based Hausfeld to Pursue Volkswagen Claims in Germany
Today, the US Judicial Panel on Multidistrict Litigation is hearing arguments about consolidating more than 350 lawsuits filed against Volkswagen in the US on behalf of consumers. VW admitted in September that it installed "defeat devices" in millions of diesel cars worldwide.
Meanwhile, global claimants' firm Hausfeld LLP announced yesterday that it's pursuing VW claims in Germany. Litigation finance firm Burford Capital is providing Hausfeld with €30 million for its clients' German antitrust and other commercial claims. Firm chairman Michael Hausfeld, who's based in the firm's DC 1700 K St office, says, "This is a complex global dispute with broad ramifications not only for VW, but for German workers, business, and the German economy." Hausfeld was launched by Michael in DC in 2009 and also has offices in Berlin, NY, Philadelphia, San Francisco, Brussels and London.
Volkswagen has put aside $7.3B to deal with the aftermath of the emissions scandal, and "recently acknowledged that the deception’s eventual costs may be far higher than estimated," writes the New York Times. VW isn't the only company facing suits. The largest auto supplier in the world, German company Robert Bosch GmbH, is facing a class-action in US District Court in Detroit, and similar suits in Alexandria, Atlanta, Chicago and Cincinnati, reports Reuters. Bosch supplied the software Volkwagen used in the "defeat device." [Reuters] [NYT]
