More than 200 hundred institutional investors are seeking €900 million ($1 billion) in damages from German automaker Daimler for omitting information about results of its cars' carbon emission tests when disclosing carbon data to shareholders.
The lawsuit was filed in regional court in Stuttgart, Germany, on behalf of 219 pension funds, insurance companies and others that held Daimler stock from July 10, 2012, to June 20, 2018, Marc Schiefer, attorney for the plaintiffs, said in a telephone interview.
Mr. Schiefer declined to provide the names of the plaintiffs.
A Daimler spokeswoman said in an email that the company was unaware of the action.
"We believe the lawsuits we know of to be without merit and will defend ourselves against the accusations by all legal means, including potential exemplary proceedings," she said, declining to comment further.
The lawsuit follows another group action lead by Deka Investments in a case filed in a Brunswick, Germany, court against fellow German carmaker Volkswagen in March 2019. Volkswagen admitted six months earlier prior that it installed software in its diesel vehicles to cheat emissions testing.
Some 1,000 institutional investors, including the $395.3 billion California Public Employees' Retirement System, Sacramento, and 2,000 retail investors are seeking €9.5 billion in damages.
Mr. Schiefer said his law firm filed a separate €1 billion lawsuit against Volkswagen subsidiary Porsche on behalf of investors on the basis that the carmaker's shareholders experienced losses when Volkswagen's cars exceeded the 80 milligrams of nitrogen oxide emission threshold.
Proceedings in the Volkswagen case are expected to last until mid-2021.
