A US judge dismissed a lawsuit filed by institutional investors who purchased bonds from Volkswagen US unit and claimed the automaker had made false and misleading statements before its massive diesel emissions scandal became public.
Investors bought $8.3 billion in dollar-denominated bonds Volkswagen Group of America Finance sold in 2014 and 2015. A group of those investors sued the company after it admitted in September 2015 to secretly installing software to evade emissions rules for at least six years that led to the ouster of its chief executive, damaged the company’s reputation and prompted massive bills.
US District Judge Charles Breyer in San Francisco, late Friday dismissed the class-action suit against VW, its US unit and former chief executive Martin Winterkorn. the judge had ruled in July the case could go forward but reconsidered his decision after VW lawyers raised a new ruling by a federal appeals court in a case involving Barclays.
The investors alleged damages into the hundreds of millions of dollars after the bonds' value dropped. Judge Breyer gave the investors 30 days to file an amended complaint, but he said they will face a "heavy burden" to demonstrate they meet legal requirements.
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The lead plaintiff in the action is the Puerto Rico Government Employees and Judiciary Retirement Systems Administration.
Volkswagen spokeswoman Jeannine Ginivan said Saturday the company "welcomes the court’s decision to dismiss the entire action as fundamentally flawed."
In total, VW has agreed to spend more than $25bn in the US to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting US vehicles.
Investors from around the world are seeking 9 billion euros ($11bn) in damages from Volkswagen, which they say did not inform shareholders quickly enough over its use of illegal software to cheat US tests on diesel engine emissions.
About 1,600 lawsuits have been lodged at a regional court in Braunschweig near VW’s Wolfsburg headquarters, seeking damages over the sharp fall in VW shares that followed its emissions admission.
Earlier this week, Volkswagen told the German court it had no duty to disclose the possible financial damage of its manipulations prior to September 2015, when it issued an ad-hoc statement that the illegal software could be in around 11 million cars worldwide.
Led by investment management firm Deka, the plaintiff’s side includes another 2,000 individuals who have raised claims without suing VW, Reuters reported earlier this week.
Public hearings of the case at the Braunschweig court are due to start in early September.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY%20PROFILE
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Global state-owned investor ranking by size
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United States
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China
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UAE
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4.
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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