Investors from Germany claim that Daimler has hidden information regarding the use of the emission management software and sued the company for 900 million euros.
Last autumn, the German press spoke of a possible fine of one billion euros for Daimler for tricking diesel emissions. At that time, authorities discovered illegal devices on 280,000 cars of the C-Class and E-Class families.
Until the completion of that investigation, Daimler is facing a new problem in Germany. Several institutional investors have sued the company because Daimler would have hidden their information about emissions manipulation, as well as the risks and costs arising from using that software, which violates the capital market law, announces the law firm represents investors.
“The plaintiffs bought Daimler shares at a price which was too high and we are convinced that the company is now obliged to pay the damages caused,” the lawyers advised investors.
Daimler claims that it has not been formally notified of this process, saying that the allegations are unjustified: “We will defend ourselves against the accusations by all legal means.”