TIDMANX
RNS Number : 4154W
Anexo Group PLC
22 December 2021
For immediate release 22 December 2021
Anexo Group plc
('Anexo' or the 'Group')
High Court Judgment re. Volkswagen
Anexo Group plc (AIM: ANX), the specialist integrated credit
hire and legal services provider, notes the judgment announced on
21 December 2021 in the High Court of Justice regarding the class
action against Volkswagen AG ('VW') and its subsidiaries (the 'VW
Emissions case'). The judge found against the application by VW to
strike out the class action claim against them (the 'Deceit'
claim).
Alan Sellers, Executive Chairman of Anexo, commented:
"The Board is pleased that the High Court has ruled VW's attempt
to strike out the deceit element of the claims against it to be
without merit. This follows the ruling against them last year. It
is now incumbent on VW to acknowledge its responsibility in this
matter and agree a settlement with all those affected by its
actions, as it has done in many other jurisdictions.
"We continue to investigate the pursuit of similar claims
against other manufacturers. These have the potential to be of
significant value to claimants and to the Group."
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 instead brought an action to have a significant element of the
class action struck out. This has now been dismissed by Mr Justice
Waksman.
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 15,000. Some of the
costs involved in the acquisition of claimants have been covered by
specialist litigation funding.
VW has previously been involved in and settled a number of legal
actions concerning emissions in various jurisdictions globally and
the quantum of damages awarded has varied widely. In the US,
individual settlements included a number of options and the
compensation packages were set at various levels depending on the
age and model of vehicle involved, with the sums ranging from
US$5,100 (GBP4,150) to over US$40,000 (GBP32,520). In Germany,
there was a similar range of options depending on the age and model
of the vehicle involved, and the sums ranged from EUR1,350 to
EUR6,257 (GBP1,190 to GBP5,540). In Australia, the settlement sums
varied from AU$1,589 to AU$6,554 (GBP800 to GBP3,290).(1)
In the event of a settlement being agreed, Bond Turner would be
entitled to claim a percentage of any damages awarded to each of
its clients, as well as legal costs. Given the wide range of
previous settlement levels, the Board considers that it would be
inappropriate to give any guidance on the potential value of
individual claims.
The Board continues to believe that, in the event of a
settlement, the percentage of potential damages and associated
costs accruing to Anexo, after deducting the repayment costs of
litigation finance, would have a significant positive impact on the
Group's expectations for profits and cash flow for the relevant
accounting period. There is no certainty that a settlement in
favour of Bond Turner's clients will be reached, nor is there any
guarantee that such a settlement would include financial
compensation.
The Board continues to monitor the situation and will make
further announcements as and when appropriate.
(1) Exchange rate as at the date of settlement
- Ends -
For further enquiries:
Anexo Group plc +44 (0) 151 227 3008
www.anexo-group.com
Alan Sellers, Executive Chairman
Mark Bringloe, Chief Financial Officer
Nick Dashwood Brown, Head of Investor
Relations
Arden Partners plc
(Nominated Adviser and Broker)
John Llewellyn-Lloyd / Louisa Waddell +44 (0) 20 7614 5900
(Corporate) www.arden-partners.co.uk
Tim Dainton (Equity Sales)
Panmure Gordon
(Joint Broker) +44 (0) 20 7886 2500
Ed Walsh/Dominic Morley www.panmure.com
Notes to Editors:
Anexo is a specialist integrated credit hire and legal services
provider. The Group has created a unique business model by
combining a direct capture Credit Hire business with a wholly owned
Legal Services firm. The integrated business targets the
impecunious not at fault motorist, referring to those who do not
have the financial means or access to a replacement vehicle.
Through its dedicated Credit Hire sales team and network of over
1,100 active introducers around the UK, Anexo provides customers
with an end-to-end service including the provision of Credit Hire
vehicles, assistance with repair and recovery, and claims
management services. The Group's Legal Services division, Bond
Turner, provides the legal support to maximise the recovery of
costs through settlement or court action as well as the processing
of any associated personal injury claim.
The Group was admitted to trading on AIM in June 2018 with the
ticker ANX.
For additional information please visit: www.anexo-group.com .
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END
MSCEAEAFAEXFFAA
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December 22, 2021 02:00 ET (07:00 GMT)
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