BGH on VW emissions scandal: No compensation from Bosch

After the VW emissions scandal became known, the carmaker’s share prices plummeted. Shareholders have therefore sued the supplier Bosch for damages – without success.

The fact remains: VW shareholders, whose shares have lost value due to the diesel scandal, cannot claim damages from Bosch, which manufactured and supplied the manipulated software. The civil senate of the Federal Supreme Court (BGH), which is responsible for capital market law, ruled in the third and last instance: The mere delivery of the engine control software to VW does not constitute an aid to a possible capital market crime by VW.

The plaintiff’s attorneys accused Bosch of complicity

The judges decided in nine proceedings in which VW shareholders had sued the supplier Bosch for several thousand euros. That was the difference between the amount for which they bought their VW shares in 2013 and the price they could only redeem through the sale after the diesel fraud became known in 2015.

The lawyer for the VW shareholders did not want to unravel the whole thing in legal detail: After an evaluation, it was clear that Bosch knew as much as VW. Lawyer Wendt Nassall argued that the software with the test bench mode only had the purpose of deceiving state authorities and customers: “Bosch knew everything about this software, and also knew its purpose.”

Now that it has been decided that the use in vehicles is immoral – the Federal Court of Justice finally decided last year – the question arises: “Can Bosch’s behavior be assessed differently, although they knew exactly what this software was for, although they developed it too? ” Without Bosch, says Nassall, Volkswagen would not have been able to install this software and bring it to market.

Ad hoc announcement was not up for discussion

The Senate Chairman Ingo Drescher, however, emphasized that – unlike the relationship between VW and customers – the relationship between VW and the capital market has not yet been assessed as immoral. It is about the deliberately omitted or belated ad hoc announcement by the Wolfsburg-based company to the capital market that they have installed prohibited software.

The judge attached importance to the finding that the judgment favorable to Bosch does not allow any conclusions to be drawn about how his Senate assesses VW’s behavior: “Our current judgment does not therefore provide a statement by the Senate on whether Volkswagen AG has failed in terms of capital market law in connection with the so-called diesel scandal. It only concerns the aid or cooperation by the software supplier. ”

Thousands of investors are suing VW directly in a test case before the Braunschweig Higher Regional Court. You are asking for billions. In their opinion, VW should have informed the capital market earlier about the use of an impermissible exhaust technology.