Business
Volkswagen Faces Shareholders’ Claims Over Emissions Scandal
Dozens of large share
holders in Volkswagen plan to sue the carmaker in a German court, seeking compensation for the plunge in its shares due to its emissions test cheating scandal.
Law firm Nieding + Barth said on Monday it would lodge a case with a regional court in Brunswick this week on the matter.
The law firm said it would be seeking hundreds of millions of euros in damages on behalf of 66 institutional investors from the U.S., and Britain.
“On top of that, we collected several thousands of private investors. Therefore we think we are the biggest platform for suits against Volkswagen in Germany,’’ said Klaus Nieding of Nieding + Barth.
Volkswagen’s (VW) shares have lost almost a third of their value, or about 22 billion euros ($24 billion), since it admitted in September to misleading U.S., regulators about emissions.
VW, which declined to comment, is facing a legal onslaught on several fronts.
The U.S. owners of vehicles with higher-than-stated emissions are expected to seek billions of dollars in damages, while the U.S. Justice Department has sued VW for up to $46 billion under the Clean Air Act.
Nieding + Barth said it would argue that VW had been aware of its violation of diesel emissions rules before its first statement on the matter in September and should have informed the public earlier.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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