Investors have sued Daimler for 896 million euros ($1 billion) in a regional court in Stuttgart, accusing the carmaker of concealing its use of emissions cheating software, German law firm TILP said on Tuesday.
The suit was filed on behalf of institutional investors who accuse Daimler of failing to inform investors about the risks and costs of using such devices, which amounts to a violation of capital markets law, the law firm said.
In a statement, attorney Andreas Tilp said: “This means that the plaintiffs bought the Daimler stock at too high a price, and it is our conviction that Daimler is liable to them for compensation of damages.”
Daimler said it had not yet been formally notified of the lawsuit adding it believed that the lawsuit was without merit.
“We will defend ourselves against the accusations with all legal means,” a spokeswoman said on Tuesday.