- 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.
