Dutch asset managers join class action against Volkswagen

first_imgThree of the Netherlands’ largest pension managers are likely to participate in a class action lawsuit against German car maker Volkswagen related to the 2015 emissions scandal.In addition to the €470bn Dutch asset manager APG and the €27bn ABN Amro Pensioenfonds, the €215bn Dutch asset manager PGGM is also likely to join the lawsuit, according to Pensioen Pro, IPE’s Dutch sister publication.Pensioen Pro reported that it was not yet clear whether metal industry schemes PMT and PME had also joined this action, or had opted for another case against the German car manufacturer.Last week, the giant litigation case – in which approximately 3,500 investors claim damages as a result of their stake in Volkswagen (VW) dropping by one-third – started at the court of justice in Braunschweig. Both APG and the ABN Amro pension fund have confirmed that they are among the participants of the class action, which also targets VW’s subsidiary Porsche.In their annual reports PMT and PME both mentioned “legal procedures because of the emissions scandal of diesel cars”.Other Dutch pension funds and providers declined to state whether they were among the litigants.’However, it is likely that PGGM has also joined the class action. In its most recent sustainability report, it cited a “German legal action against VW and Porsche because of ‘dieselgate’”.Andreas Tilp, of German law firm Tilp Litigation, also declined to provide further details to Pensioen Pro. In 2016 he told Dutch financial newspaper FD that he was representing 30 large Dutch players.MN, the €130bn asset manager for both metal schemes, declined to confirm whether it would take part in the litigation case that started last week.Despite the emissions scandal, the large Dutch civil service scheme ABP, healthcare pension fund PFZW and PME have remained invested in VW, keeping both equity and bond holdings.The €72bn PMT has since divested its entire stake in the car maker, however. A spokeswoman explained that the decision was not related to the current class action, but to the fact that VW no longer matched PMT’s investment criteria.She said a screening had revealed that it was among the 10% of companies with the lowest ESG score.Approximately 1,000 institutional investors are claiming billions of euros in damages in total from Volkswagen.In 2016, Norway’s €853bn sovereign wealth fund filed a suit claiming roughly €2bn in damages. It was represented by Quinn Emanuel Urquhart & Sullivan and backed by US pension fund CalSTRS among others.The €21bn Greater Manchester Pension Fund, the UK’s largest local authority scheme, joined a class action suit financed by Bentham in 2016, while in the same year the German state pension funds of Bavaria and Hesse filed suits claiming losses of €700,000 and €3.9m, respectively.The German court of justice, which will only examine the liability question, is to reconvene at the end of November.last_img read more

Rabbatts makes commission plea

first_imgFootball Association board member Heather Rabbatts has launched a fierce attack on chairman Greg Dyke’s decision to name an all-white, all-male commission to improve the England team. Press Association Rabbatts, who was born in Jamaica and is of mixed race, has written to all fellow board members criticising the lack of diversity on the commission and saying the FA is letting down black players. In her letter, she says she has tried to raise the issue privately but there has been a “refusal to understand” her position. Her decision to go public leaves Dyke and the FA facing a crisis over the commission. center_img The letter, a copy of which has been seen by Press Association Sport, stated: “I believe that the lack of proper consultation on the make up of the commission, the fact that no approval was sought from the board, releasing the names of the ‘chosen’ individuals at Leaders in Football, the composition of the commission itself and the lack of diversity, have all meant that the opportunity to lead an informed debate on the future of English players has been singularly damaged. “I make the comments about diversity not because they are additional to this matter but because they lie at its heart.” Rabbatts’ letter goes on to say it is “ironic” there is no representative from ethnic minority communities given that Andros Townsend, the Tottenham winger who played a key role in England’s victories on Friday and Tuesday and then found himself at the centre of a race row this week through no fault of his own, is himself black. Rabbatts backs the FA’s support for England boss Roy Hodgson after his dressing room joke about a monkey in space but added: “As the commission looks to address all of the complexities of its brief, it will crucially have to come to a view on nationality, race and identity. “To have announced a list without anyone who can speak from experience and in an informed manner on those three areas has exposed the FA at a vital moment. “What is required is not tokenism but the involvement of individuals who have direct and relevant experience of what it means to represent their country while coming from diverse cultural backgrounds. “By proceeding along this current path we are not only failing to reflect our national game but we are also letting down so many black and ethnic minority people – players, ex-players, coaches and volunteers, who have so much to offer and are so often discouraged and disheartened by the attitudes they encounter. The FA should be leading by example not reinforcing entrenched attitudes.” As well as Dyke, the commission will include former England manager Glenn Hoddle, Football League chairman Greg Clarke and FA vice-chairman Roger Burden, League Managers’ Association chairman Howard Wilkinson, Professional Footballers’ Association chairman Ritchie Humphreys, Crewe director of football Dario Gradi and former England defender Danny Mills. The FA has stressed the line-up of commission members is not necessarily complete, and that many other people will also be consulted. However Dyke has said it will consist of no more than 10 members. last_img read more

Ramchand signs on to GMR&SC International Race of Champions

first_imgRAMCHAND Auto Spares is on board with this year’s Guyana Motor Racing and Sports Club (GMR&SC) International Race of ChampionsThe company yesterday handed over its sponsorship through its representative,Yogeshwar Ragbeer to GMR&SC representative,Tina Morris.According to Ragbeer, the company is elated to be a part of the event and added that they are hoping to see more competitors than last year’s edition.Morris in thanking the company for coming on board for the event, said that their sponsorship will go a long way in ensuring that the event is a success.Meanwhile, a 27 race programme was unveiled last week which will encompass racing on both Saturday and Sunday, according to the GMR&SC.The club has confirmed the participation of three professional drift cars from Trinidad and Tobago, as well as, four SR-3 Radicals from Barbados, in addition to the Caribbean Motor Racing Championship(CMRC) competitors that are expectedSaturday, will be treated as just another race day, with adults being charged $1000 per entry and children $500. On Sunday, adults will be charged $2000 and children $1000.Qualification will also be held on Saturday morning from 10:00 with races beginning from 14:00. Scrutineering will take place on Thursday and Friday and before the qualification on Saturday.Meanwhile, the club is organising weekend passes for those patrons desirous of viewing both days of action as well as VIP passes.last_img read more

No. 11 Syracuse’s defense collapses in 1-0 overtime loss to Cornell after scoreless 90 minutes

first_img Published on September 19, 2017 at 11:14 pm Contact Josh: jlschafe@syr.edu | @Schafer_44 Facebook Twitter Google+ Syracuse blanked an opponent through 90 minutes on Tuesday night for the first time this season, but the game wouldn’t be decided until almost nine minutes after regulation.  With just more than a minute remaining in the first period of overtime, Cornell caught Syracuse out of position. With orange jerseys swarming to the left of goalkeeper Hendrik Hilpert, no SU defenders stayed high on the opposite part of the box. When Big Red midfielder Tyler Bagley corralled the ball at the top of the box, he rushed it over to fellow midfielder Ryan Hill. By the time SU recovered, the rest of Hill’s teammates were already dog-piling on top of him in celebration.“I don’t get it,” junior Jonathan Hagman said, “how he became that open.”The lone goal of the match sank No. 11 Syracuse (4-2-2), 1-0, against Cornell (2-3-1) at SU Soccer Stadium on Tuesday night. Even though it mustered only one shot in overtime, the Big Red outlasted the Orange for the first time since 2001. Prior to the game, Syracuse had let up two goals in each of its last three games, including a loss last Friday against Louisville. When the defense finally broke through for a full 90 minutes against Cornell, it wasn’t enough. “The defense as a whole played well today,” Hilpert said. AdvertisementThis is placeholder textJust past the four-minute mark, Cornell fired its second shot of the game. Hilpert saved the first, falling late and swallowing the ball into his chest. The second flew directly to his hands off an outside shot from Cornell forward Kepler Despinos. The saves were two of Hilpert’s four on the night. Aside from the goal, Cornell’s next best opportunity to score came in the 55th minute. Caleb McAuslan dipped and dunked through the SU defense working across the box towards the right of Hilpert. The Cornell midfielder launched a shot which Hilpert denied with two hands. The ball advanced down the field where Cornell goalkeeper Mitchell Meyer stuffed Tajon Buchanan on one of Syracuse’s five shots in the frame. “For the attackers it’s always our job to win the game and for us to score the goals to win the game,” forward Adnan Bakalovic said. “But tonight we just couldn’t do it.” Last season Syracuse shutout its opponent 11 different times. When it played Cornell last season on Sept. 20, it had already shutout five teams in just seven matches. But as the shutout lengthened on Tuesday night, it never became clear that’d be enough for Syracuse to win.In the 79th minute, Harry Fuller cranked a shot to Hilpert’s right. It sailed wide and hit the outside of the cage. Fuller swallowed his face in his hands. It was one of three Big Red shot’s in the second half. The Syracuse crowd let loose a sigh of relief. It would take another 20 minutes for Cornell to get another legitimate scoring chance. That one went in the back of the net.“It doesn’t matter if you’re at three goals or one goal, you just didn’t get a shutout,” Hilpert said. Commentslast_img read more