By Jonathan Chew, fortune.com,
September 30, 2015,
A pension fund in Michigan has filed what is believed to be the first investor lawsuit against Volkswagen over its drastic stock drop in the aftermath of its emissions cheating scandal.
As the German car maker braces for a barrage of lawsuits in the U.S. over its attempt to subvert emissions testing in its diesel cars – with some estimating that over 80 federal suits have been filed so far – shareholders are also lining up for their piece of the potential billions of dollars that could be paid out over VW’s misdeeds.
Last Friday, the St. Clair Shores Police and Fire Retirement System, a pension fund that claims to have a value of around $100 million, filed what is believed to be the first investors’ lawsuit. A pension plan for police officers and firefighters in eastern Michigan, it has 128 active members and 205 retirees and beneficiaries, according to its most recent annual report.