Mexican Media Brands
Investors Sue VW for a Record €8.2 Billion Over Diesel Scandal
Investors in Germany have flooded Volkswagen AG with 1,400 lawsuits totaling some €8.2 billion ($9.1 billion) over lost equity caused by the carmaker’s diesel emission cheating scandal.
#legal
Share
Investors in Germany have flooded Volkswagen AG with 1,400 lawsuits totaling some €8.2 billion ($9.1 billion) over lost equity caused by the carmaker’s diesel emission cheating scandal. It’s the country’s largest investor lawsuit ever, according to Bloomberg News.
The complaints claim investors unfairly lost roughly one-third of the value of their holdings over the past 12 months. They accuse VW of failing to quickly disclose at least a year ago that it had rigged 11 million diesel-powered vehicles to evade government emission standards.
VW dismisses the claims as unfounded and insists it followed all capital-market rules regarding disclosure. The 1,400 lawsuits have been filed with a court in Braunschweig near VW headquarters in Wolfsburg. The court says it will need about four weeks to register all the lawsuits.
Bloomberg reports that a separate €547 million ($610 million) lawsuit on behalf of 263 investors has been filed against VW and Porsche Automobil Holding SE. The latter company owns a majority of VW’s voting shares.
RELATED CONTENT
-
On Fuel Cells, Battery Enclosures, and Lucid Air
A skateboard for fuel cells, building a better battery enclosure, what ADAS does, a big engine for boats, the curious case of lean production, what drivers think, and why Lucid is remarkable
-
GM Is Down with Diesels
General Motors is one company that is clearly embracing the diesel engine.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
