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SEC, VW Urged to Resolve Diesel Lawsuit
U.S. District Judge Charles Breyer has given Volkswagen AG and the U.S. Securities and Exchange Commission seven weeks to attempt to settle their lawsuit over VW’s diesel emission cheating.
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U.S. District Judge Charles Breyer has given Volkswagen AG and the U.S. Securities and Exchange Commission seven weeks to attempt to settle their lawsuit over VW’s diesel emission cheating.
The SEC filed a civil lawsuit against VW in Breyer’s San Francisco court in March. The complaint claims the carmaker and then-CEO Martin Winterkorn defrauded investors by failing to alert them that VW was using cheater software to evade U.S. pollution standards.
Breyer said three months ago he was “totally mystified” why the SEC didn’t file its complaint until two years after VW had settled a U.S. Dept. of Justice lawsuit over its cheating. This week he stayed the lawsuit until Oct. 2.
VW has paid €30 billion ($33.3 billion) in fines, restitution and vehicle buybacks worldwide, most of it in the U.S. Breyer told the two parties that whatever settlement they agree to would be cheaper for both in terms of legal costs than to continue the lawsuit.
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