Jan. 6 (Bloomberg) -- German President Christian Wulff won’t participate in a mediation procedure requested by investors over his role as supervisory board member at Volkswagen AG during Porsche SE’s attempt to take over the company, CMS Hasche Sigle said.
Wulff had received the request and will not participate, CMS, a law firm that represents current and former VW supervisory board members, said today in a statement. Wulff sat on VW’s board from 2003 to 2010.
A total of 67 banks, insurance companies and funds are demanding 1.8 billion euros ($2.3 billion) of compensation from Wulff for alleged shortcomings in his former role, WirtschaftsWoche reported today, citing a formal request it obtained for mediation procedures provided for under German law.
The request, filed Dec. 28 with CenaCom in Karlsruhe, claims Wulff had early knowledge of Porsche SE’s plans to take over Volkswagen and failed to inform investors, the magazine said. The plaintiffs are seeking the same compensation from Porsche and Volkswagen in a complaint filed in a Braunschweig court, it said.
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