The information contained on this website is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”). Because this website is just a summary, you should review the Notice for additional details.
This action, captioned In re Volkswagen “Clean Diesel” Marketing, Sales Practices, and Products Liability Litigation – Securities Actions, MDL No. 2672 CRB (JSC) (the “Action”), was brought in the United States District Court for the Northern District of California (the “Court”). The Action alleges, among other things, that Defendants Volkswagen Aktiengesellschaft, Volkswagen Group of America, Inc., Volkswagen Group of America, Inc. d/b/a Volkswagen of America, Inc., Audi of America, Inc., and three of their officers and directors violated the federal securities laws by making false and misleading statements regarding Volkswagen’s business.
The Court-appointed Lead Plaintiff, Arkansas State Highway Employees’ Retirement System (“ASHERS” or “Lead Plaintiff”), and named plaintiff Miami Police Relief and Pension Fund (“Miami Police,” and together with ASHERS, “Plaintiffs”), on behalf of themselves and the Settlement Class, have reached a settlement of the Action for $48,000,000 in cash (the “Settlement”).
Following a hearing on May 10, 2019, the Court entered the Order Granting (I) Motion for Final Approval of Settlement and (II) Motion for Attorneys’ Fees and Expenses, which finally approved the Settlement and the Plan of Allocation for the distribution of the Settlement proceeds, and approved Lead Counsel’s application for an award of attorneys’ fees and reimbursement of litigation expenses. On May 10, 2019, the Court also entered the Judgment Approving Class Action Settlement.
If you are a member of the Settlement Class, you may be eligible to receive a payment from the Settlement. The Settlement Class consists of:
all persons and entities in the U.S. or elsewhere who purchased or otherwise acquired Volkswagen Aktiengesellschaft (“VWAG”) Ordinary American Depositary Receipts (CUSIP: 928662303) (“VWAG Ordinary ADRs”) and/or VWAG Preferred American Depositary Receipts (CUSIP: 928662402) (“VWAG Preferred ADRs”) (collectively, “VWAG ADRs”) from November 19, 2010 through January 4, 2016, inclusive (the “Class Period”), and who were allegedly damaged thereby, except for certain persons and entities who are excluded from the Settlement Class by definition (see paragraph 26 of the Notice).
Please read the Notice to fully understand your rights and options.
Payments to eligible claimants will be made only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.