Anexo Group plc (LON:ANX), the specialist integrated credit hire and legal services provider, has welcomed the announcement by Volkswagen AG and Therium Capital Management of the settlement of the class action brought against VW and its subsidiaries (the ‘VW Emissions case’) by Therium on behalf of Slater & Gordon and other law firms.
This settlement relates to the first tranche of claims against VW. Anexo is involved in a separate class action which covers a second, although not subordinate, tranche of claims against VW on similar grounds. A further announcement will be made in due course.
Background
A preliminary judgment was announced on 6 April 2020 in the High Court of Justice regarding the class action against VW and its subsidiaries. Mr Justice Waksman ruled that VW subverted key air pollution tests by using special software to reduce emissions of nitrous oxides under test conditions. The High Court ruling applied not only to VW cars but also to those manufactured by Audi, SEAT and Skoda. VW was refused leave to appeal against this judgment but subsequently brought an action to have the class action struck out. This was dismissed by Mr Justice Waksman on 21 December 2021.
A specialist team within the Group’s legal services division, Bond Turner, is acting on behalf of a number of individuals who have registered their intention to pursue a claim against VW. A number of these clients have been acquired through their status as past customers of the Group and others have contacted Bond Turner following a marketing campaign which was predominantly conducted through social media channels. The total number of claims currently being handled by Bond Turner stands at around 13,000. Some of the costs involved in the acquisition of claimants have been covered by specialist litigation funding.
Anexo Group continues to pursue other emissions cases, particularly in relation to Mercedes Benz, for which it has secured additional litigation funding.
