October 24, 2018 / 11:07 AM / 10 months ago

Stuttgart court orders Porsche SE to pay damages for disclosure violations

FRANKFURT, Oct 24 (Reuters) - A Stuttgart court ordered Porsche Automobil Holding SE to pay damages to shareholders and charged the company with violating disclosure rules tied to a 2015 diesel emissions scandal, two lawfirms said on Wednesday.

The regional court in Stuttgart was not immediately available for comment.

Porsche Automobil Holding SE shareholders sued the company for failing to inform its investors in a timely manner about a diesel emissions scandal which has cost Volkswagen more than 27 billion euros ($30.8 billion) in fines and penalties.

At the time that regulators in the United States caught the German carmaker systematically cheating emissions tests, the company was headed by Martin Winterkorn, who was chief executive of both Volkswagen AG and Porsche Automobil Holding SE.

Porsche Automobil Holding SE should have informed its investors in a more timely fashion about the regulatory risks facing the carmaker, the lawfirms said, citing the court’s ruling. Porsche Automobil Holding SE has a 30.8 percent stake in Volkswagen and holds a 52 percent voting stake in the carmaker.

Lawfirm Nieding & Barth said the pension fund for the city of Wolverhampton was awarded 3.2 million euros in damages by the Stuttgart court on Wednesday.

Lawfirm TILP said Porsche Automobil Holding SE was asked to pay 44 million euros to shareholders.

The verdict is not enforceable yet as Porsche can still file an appeal, TILP said. ($1 = 0.8776 euros) (Reporting by Edward Taylor; Editing by Maria Sheahan)

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