First investor complaint filed against Daimler over 'dieselgate'

A LAW firm said on June 24 it had lodged the first investor complaint in Germany demanding compensation from car manufacturer Daimler over the "dieselgate" scandal.
The complaint, filed Friday at the Stuttgart Regional Court by German law firm Tilp, accuses the parent company of Mercedes-Benz of "various market manipulations" since 2014 and having ignored "the huge risks associated with the installation of a banned device in its vehicles" to deceive controls on nitrogen oxide (NOx) emissions, lawyer Andreas Tilp said in a statement.
The scandal emerged when another car manufacturer admitted in 2015 to installing so-called "defeat devices" in millions of its diesel vehicles sold worldwide that made them seem less polluting in lab tests than they actually were on the road.
Tilp cited an interview given in September 2015 at the height of the scandal by Dieter Zetsche, boss of Daimler, in which he said that "Daimler has not installed fraudulent software in its vehicles".
However, Daimler found itself embroiled in the global scandal after the top brand recalled 774,000 vehicles across Europe with software capable of distorting emissions, according to a June 11 report by German transport ministry.
The firm calculated that shares dropped by at least 12.5%, which could lead to claims "in billions" against the manufacturer.
It said it expects many more shareholders to join the claim. – AFP Relaxnews