Anexo Group PLC Volkswagen Emissions Case (8427M)

TIDMANX

RNS Number : 8427M

Anexo Group PLC

26 May 2022

 
   26 May 2022 
 

Anexo Group plc

('Anexo' or the 'Group')

Volkswagen Emissions Case

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, welcomes the announcement by Volkswagen AG ('VW') and Therium Capital Management ('Therium') 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.

The Group continues to pursue other emissions cases, particularly in relation to Mercedes Benz, for which it has secured additional litigation funding.

For further enquiries:

 
 Anexo Group plc                             [phone] 
                                              www.anexo-group.com 
 Alan Sellers, Executive Chairman 
  Mark Bringloe, Chief Financial Officer 
  Nick Dashwood Brown, Head of Investor 
  Relations 
 
   WH Ireland Limited 
   (Nominated Adviser & Joint Broker) 
 Chris Hardie / Darshan Patel / Enzo          [phone] 
  Aliaj (Corporate)                            www.whirelandplc.com/capital-markets 
  Fraser Marshall / Harry Ansell (Broking) 
 
   Arden Partners plc 
   (Joint Broker) 
   John Llewellyn-Lloyd / Louisa Waddell       [phone] 
   (Corporate)                                 www.arden-partners.co.uk 
   Tim Dainton (Equity sales) 
 
 

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 1,100 plus 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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May 26, 2022 02:00 ET (06:00 GMT)