>> Volkswagen went on trial Monday over its emissions scandal as investors seek $10.6 billion in compensation. They say the car maker should have informed shareholders earlier about the diesel pollution scandal.>> VW should have told markets in June 2008, we can't manage to produce the technology required in the US.
VW did not do that. To the contrary, it obtained an approval fraudulently. VW admitted as much in the US, they cheated time and again.>> Shareholders representing almost 1,700 claims are seeking compensation for a slide in VW's share price triggered by the scandal. They say if they'd known about it earlier, they could have sold shares, or avoided buying them.
The value of VW shares fell by up to 37% in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars. The carmaker has admitted systematic emissions cheating, but denies wrongdoing in matters of regulatory disclosure.>> This trial in our view only concerns the question about whether Volkswagen fulfilled its disclosure obligation to shareholders in the capital market.
We are convinced that this is the case.>> Interest in the case is so intense it's being held at a convention center near VW's headquarters rather than in a court. Several high ranking Volkswagen executives are expected to testify.