BERLIN -- Volkswagen Group faces 8.2 billion euros ($9.14 billion) in damage claims from investors over its emissions scandal in the legal district where the automaker is based, a German court said.
A total of about 1,400 lawsuits have been lodged at the regional court in Brunswick near Volkswagen's Wolfsburg headquarters, the court said today.
The Brunswick court said it received some 750 lawsuits on Monday alone, which marked the first business day after the one-year anniversary of VW's diesel emissions test-rigging scandal.
The court said it brought in extra staff to process the suits submitted by shareholders concerned that Sept. 18, the day VW's manipulations were uncovered a year ago, may be the deadline to file.
The flood of new shareholder suits in Germany adds to the carmaker's troubles. A year after admitting that about 11 million diesel vehicles had been equipped with software to cheat pollution tests, VW is far from resolving the fallout. It agreed to pay $16.5 billion to settle suits by some American authorities and car owners.
Shareholders are incensed because the stock price dropped 35 percent in the two trading days after U.S. regulators disclosed the "defeat device" software.