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VW Asks U.S. Court to Dismiss Investor Lawsuit
Volkswagen AG has petitioned a U.S. district court in California to dismiss a class-action lawsuit on behalf of investors whose VW shares lost value after the company admitted rigging 11 million diesel engines to cheat on emission tests.
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Volkswagen AG has petitioned a U.S. district court in California to dismiss a class-action lawsuit on behalf of investors whose VW shares lost value after the company admitted rigging 11 million diesel engines to cheat on emission tests.
VW was sued by large pension funds, which invested in shares represented by American depositary receipts. The value of the company's ADRs have dropped 20% since the cheating scandal began 10 months ago.
The court should drop the case, according to VW, because of a U.S. Supreme Court ruling in 2010 that U.S. courts cannot hear lawsuits involving shares traded outside the country.
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