The logo of German carmaker Volkswagen is seen on a Volkswagen Passat car at a showroom of Swiss car importer AMAG in Duebendorf, Switzerland February 12, 2016. REUTERS/Arnd Wiegmann
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Lawyers behind a US lawsuit against Volkswagen have set up a European structure to enable institutional investors around the world to recoup billions of dollars in damages from the German carmaker over its emissions scandal. Bernstein Litowitz Berger & Grossmann, lead counsel in a US class action against Volkswagen headed by the £1.4bn Arkansas state pension fund, is one of two law firms behind a new foundation aimed at recouping money for investors in the carmaker through the Dutch courts.Lawyers say the barrage of legal action will heap pressure on Volkswagen to reach a settlement with investors nursing heavy losses on the back of the scandal.In January, law firms from Germany and the US filed a capital markets claim, similar to a collective lawsuit in the US, on behalf of a US institutional investor that has suffered a "big loss".
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