Mexican Media Brands
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.
#legal
Share
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.
RELATED CONTENT
-
U.S. Charges Five More VW Execs in Diesel Cheating Scandal
U.S. prosecutors have charged five more current or former Volkswagen AG executives in connection with the carmaker’s diesel emission cheating scandal.
-
Ex-FCA Official Pleads Guilty in Labor Training Fund Scandal
Alphons Iacobelli, a former head of labor relations for Fiat Chrysler Automobiles NV in the U.S., has pleaded guilty of stealing millions of dollars from an employee training fund.
-
Tesla Faces Second Autopilot Fatality Lawsuit
Tesla Inc. has been sued for the second time in three months by families of drivers killed in crashes while using the company’s Autopilot semi-self-driving feature.
