FRANKFURT — A decade ago, an epic stock market battle between Volkswagen’s biggest shareholder and a group of mostly American hedge funds ended badly for the investors. Now, for at least one of those funds, it’s payback time.

Elliott Management, the hedge fund founded by Paul E. Singer, was among the firms burned in 2008 trying to bet against Volkswagen shares. The stock price rose instead, and while the funds claimed market manipulation, they never found a court that would agree.

Now a new case offers Elliott a chance at redemption. A subsidiary of the fund is bankrolling a group of institutional investors who are suing Volkswagen because of the losses they suffered as a result of the company’s emissions cheating. A German court will begin hearing evidence in the case on Monday.

The trial is part of a group of similar suits claiming 9 billion euros — more than $10 billion — in damages. For the first time, high-ranking Volkswagen executives may testify in open court about the origins of the scandal. Interest in the case is so intense that the proceedings will be held in a convention center in Braunschweig, near Volkswagen’s headquarters — none of the local courtrooms could handle the expected crush of lawyers, plaintiffs, journalists and spectators.