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Daimler emissions scandal.

Daimler – investor claims for damages.


On September 18, 2015 the Volkswagen manipulation scandal was revealed. Although Daimler was not involved in the revelation at the time, its stock price began to drop and fall up to 16%, totaling 12.35 billion EUR in losses.

As a response, Daimler's CEO, Dieter Zetsche called a press conference on September 26 on which he categorically denied any emission manipulation at Daimler. This denial was included in Daimler's 2015 Annual Report. Daimler's price began a slow process of recovery. On May 23, 2017 raids in search of Dieselgate documents were initiated. Less than one month later, on July 21, 2017, Der Spiegel a German news magazine revealed that the German car manufacturers Volkswagen AG, Daimler AG, Bayerische Motoren Werke AG (BMW), Audi AG and Dr. Ing. H.c. F. Porsche AG (together the "cartel") allegedly had been acting in concert since 1996 to suppress competition, gain and keep market share and increase their own profits.

As a result of the revelations, Daimler's stock price fell again considerably. The scandals also shed new light on Dieselgate. According to Der Spiegel, the cartel had agreed since 2006 on the reduction of the AdBlue (Urea) tanks used to control NOx emissions, and on the software designed to cheat emission tests (defeat devices), despite Mr. Zetsche's previous declarations. Additionally, the Süddeutsche Zeitung revealed that Daimler had already informed the German authorities of the existence of the cartel as early as by 2014, obtaining leniency in return. The German Federal Financial Supervisory Authority (BaFin) initiated an investigation against Daimler on August 7, 2017 regarding the violation of their ad-hoc disclosure duties regarding its cartel participation, its leniency application and its participation in Dieselgate. Finally, on May 24 and June 11, 2018, the German Government ordered the recall of more than 238,000 Daimler vehicles due to "inadmissible defeat devices", calling again into question the veracity of Daimler's previous statements and affecting the price of the stock.


The pursuit of damage claims can be made under German law and in German courts, as the place of Daimler's incorporation. If the facts turn out to be true, the claims could be based on Daimler's violation of its disclosure obligations contained in § 97 (old 37b) and § 98 (old 37c) of the German Securities Trading Act (WpHG) as well as for its willful misconduct that harmed Daimler investors, sanctioned by §823(2) of the German Civil Code (BGB) in connection with several accounting statutes.

Another statute of importance is the German general tort provision that sanctions the intentional damage caused to others by acting against good morals (§826 BGB). We are committed to investigating and pursuing all available claims on behalf of its investors. The currently applicable period in which damage claims have accrued and could be pursued is from July 10, 2012 to June 11, 2018.

Press Releases:

Press Release

Investor actions against Daimler for usage of prohibited defeat devices: District Court of Stuttgart initiates Model Case Proceedings for investors against Daimler AG pursuant to the Capital Markets Model Case Proceedings Act (KapMuG)- Model Case application filed by the law firm TILP declared admissible - Daimler threatened with billions in claims – Cost-free registration for shareholders and bond holders under

Kirchentellinsfurt, January 4, 2019

The regional court (LG) Stuttgart has initiated Model Case Proceedings against Daimler AG with its decision dated December 27, 2018 under docket number 29 O 2014/18. This decision was published for claimants in the matter against Daimler AG due to its use of prohibited defeat devices. TILP Rechtsanwaltsgesellschaft mbH (TILP) filed an application for the Model Case Proceedings for claims based on failed and incorrect capital market information regarding the risks of using prohibited defeat devices in Mercedes-Benz vehicles. This application has now been declared admissible by the Regional Court in its December 27, 2018 decision. The declaratory objective registered with the Regional Court in Stuttgart in the complaint register reads as follows: "The defendant has violated § 15 (1) Paragraph 1 WpHG a.F. failure to publish without delay its decision on the use of prohibited defeat devices in the Mercedes C 220d model line during the period from December 2013 to May 2018. "

Daimler deeply involved in emissions scandal
According to TILP’s legal opinion, Daimler has made itself liable for damages due to a number of omitted and incomplete capital market information vis-à-vis its shareholders and purchasers of other securities of Daimler AG at least as of the year 2012. Above all, securities purchases in the period from July 10, 2012 to June 11, 2018 are affected. According to TILP, both investors who have held the securities on June 11 2018 as well as those who may have already sold them are entitled to damages.

"The Federal Motor Transport Authority issued an official declaration on May 23, 2018 and August 3, 2018 with official recall in relation to Daimler diesel vehicles due to the installation of inadmissible defeat devices. It is our firm conviction that Daimler would have had to inform the capital market about the risks resulting from this installation," explains lawyer Andreas W. Tilp, Owner and Managing Director of TILP. “The omission is exasperated by the fact that Daimler continued its denial and maintained innocence even after the detection of the emissions scandal at Volkswagen. For example, CEO Dieter Zetsche announced publicly on September 26, 2015 that Daimler had not installed any inadmissible defeat devices in his vehicles, "adds TILP lawyer Axel Wegner. Tilp’s conclusion: "Dr. Zetsche’s statement was simply untrue in our opinion. Instead, Daimler is in fact heavily involved in the emissions scandal. "

Claims in the billions threaten Daimler
In the legal opinion of TILP attorneys, the loss period extends to securities purchases made from July 10, 2012 to June 11, 2018. The highest price of Daimler shares in this time amounted to around 95 euros, whereas the current price is around 45 euros. Both inflation and transaction damages are eligible. "This results in billions in risk for Daimler," estimates lawyer Wegner.

Model procedure pursuant to KapMuG in 2019
The present publication of the Model Case Application is a central step on the way to trial before the Higher Regional Court (OLG) Stuttgart. TILP will now fulfill the requisite formal conditions by submitting further plaintiffs in order to obtain a preliminary declaratory ruling from LG Stuttgart as quickly possible, which then finally opens the Model Case Procedure under the KapMuG before the Higher Regional Court of Stuttgart. "Experience has shown that a huge advantage of the Model Case Proceedings is that the chances for an investor having a successful litigation process increase significantly through a KapMuG Model Case procedure due to the fact that plaintiffs argue their case collectively, rather than as individuals such as they would in an ZPO civil suit", explains attorney Tilp.

Litigation financing opportunity for aggrieved investors
Aggrieved investors, who have purchased Daimler AG securities, have the possibility of litigation financing. In this case, TILP is cooperating exclusively with the companies DRRT and Therium, which offer affected investors the financing of a lawsuit through TILP without any cost risks and based purely on a success fee in the event of recovery. TILP has set up a platform at where investors who have sustained financial damage can register cost-free to receive further information on the matter and their options.

Your contacts at TILP

Marvin Kewe

Rechtsanwalt | Fachanwalt für Bank-
und Kapitalmarktrecht

+49 7121 90909 38