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Investor Lawsuit Claims VW Breached Capital Market Rules
A worldwide group of 278 institutional investors has filed a €3.2 billion ($3.6 billion) lawsuit in Germany against Volkswagen AG for failing to disclose the company’s diesel emission cheating sooner.
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A worldwide group of 278 institutional investors has filed a €3.2 billion ($3.6 billion) lawsuit in Germany against Volkswagen AG for failing to disclose the company’s diesel emission cheating sooner.
The lawsuit claims VW breached its capital markets duties by failing to report information about rigging the emission control systems of 11 million diesels between 2008 and 2015. The complaint asserts that the omission hurt the company’s stock price when the wrongdoing was made public last September.
Reuters says the complaint also asks for “model claims” standing, which is akin to class-action status in the U.S.
The case was filed in a regional court in Lower Saxony by the German law firm TISAB, which began soliciting participants last October. That’s also when TISAB also filed a similar lawsuit on behalf of retain investors, Reuters says.
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