Monday, February 6, 2023
News Investors Sue Daimler For A Billion Dollars Over Diesel Cheating

Investors Sue Daimler For A Billion Dollars Over Diesel Cheating

Is this the first of many lawsuits against Daimler following the company’s diesel emissions cheat device?

  • Lawsuit filed in Stuttgart in the amount of 896 million euros.
  • Said lawsuit claims investors paid too much for shares at the time.
  • Daimler says the lawsuit is without merit.

Daimler, parent company to Mercedes-Benz, has formally been sued in a regional court in Stuttgart, Germany. The accusers are institutional investors who alleged that had they known of the potential risks and costs involved in the use of emission cheating software, they would not have paid such a high price for the stocks at the time of purchase.

Like Volkswagen and many other carmakers, Daimler and Mercedes-Benz were “caught” by regulators using software designed to essentially cheat when being tested. Mercedes-Benz issued a few recalls for over 3 million vehicles last year to fix the excess emissions but the German Transportation Ministry is still investigating various other models.

At the time the story was originally reported by Reuters, Daimler had not yet been formally served. They did specify that the lawsuit was without merit and that they will defend themselves with all legal means.

Meanwhile, Daimler and Volvo have begun talks to jointly develop internal combustion engines. Geely, parent company of Volvo, also owns a 10% stake in Daimler, is looking to cut engineering costs. No word yet if it will happen and if so, when.

Trending Now

The Genesis X Convertible Concept Will Enter Production as a Halo Car

The brand’s CEO made the announcement during the Genesis dealer meeting. This model could be priced around $200,000 to $300,000. No specifications have...

The Volkswagen ID.4 will feature in Marvel’s “Ant-Man and The Wasp: Quantumania”

A partnership with Marvel Studios will also see custom content and a red-carpet appearance for the ID.4. The car will be the superhero’s...

The GMC Hummer EV SUV Began Rolling Off the Assembly Line Yesterday

The SUV version joins the electric pickup in the GMC lineup. The first deliveries are expected to take place before the end of...

General Motors Electric Vehicles Will Feature in Netflix Productions

The automaker signed a deal to have its EVs appear in movies and shows “Where relevant”. Productions in which GM vehicles will feature...

VinFast reorganizes its operations in North America; 30 employees are laid off in Canada

Approximatively 30 employees are affected VinFast Canada will now be a member of VinFast North America. The employees in VinFast's stores in Canada...
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.