Lawyer Up: Volkswagen Hires Kirkland & Ellis
Last week, we reported on the Volkswagen emissions scandal and what we expected would be an onslaught of lawsuits. So far there have been more 200 federal lawsuits filed in the United States, in addition to investigations from the Environmental Protection Agency and the Department of Justice. In response to the scandal, Volkswagen has called in the heavy hitters at Kirkland Ellis to lead its defense. Sure, this Volkswagen case will be a procedural and logistical nightmare given its sheer size and scope. And we know the EPA and DOJ will be looking for their pound of flesh. But at the end of the day, it’s a bunch of customers that are miffed that their car isn’t as green as advertised. Nobody died. The California coast is not covered in sludge. Some have estimated that Volkswagen may be on the hook for as much as $80 billion. We’d guess it gets out from under this thing for less than $30 billion. Of course, that is not counting the estimated $33 billion dollars in market value Volkswagen has already lost due its stock price plummeting after the scandal broke. Oh, well.
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