Investors Sue Volkswagen for $10.7B Over Dieselgate

© Scott Olson—Getty Images

By James Gilboy, The Drive

Volkswagen is eager to leave its diesel emissions scandal behind, but a group of investors want to have the last word. Investors reportedly seek $10.7 billion (9.2 billion euros) in compensation for the resulting 37 percent plunge in Volkswagen stock values.

A collection of 1,670 legal claims have been tied together in a single mega-lawsuit against Volkswagen by some of its investors, filed in a German court. According to Reuters, they claim the automaker was not completely honest about the severity of the diesel emissions scandal that surfaced in 2015, commonly referred to as "Dieselgate," which led to an industry-wide investigation of consumer vehicles for similar emissions cheating devices.

They allege that Volkswagen should have notified its shareholders of the extent of the investigation prior to the notice of violation handed down by the Environmental Protection Agency on Sept. 18, 2015. According to court documents cited by Reuters, Volkswagen's board of directors was in the process of negotiating a settlement prior to receiving the EPA's notice of violation, and thus did not see reason to disclose the matter to investors.

"Neither the management board nor individual board members caused or were involved with the compliance violation in the United States," Volkswagen reportedly stated in a court filing.

The Drive contacted Volkswagen for a statement on the lawsuit and we will update when we receive a response.

Nevertheless, high-ranking Volkswagen Auto Group (VAG) officials have been arrested in connection to Dieselgate, and some convicted, such as Oliver Schmidt in December. Former Audi CEO Rupert Stadler, arrested in June for his suspected involvement, was denied bail in July, as courts believed he may attempt to tamper with evidence. Other lawsuits have been filed in relation to Dieselgate, including one targeting Volkswagen's "clean diesel" ads run prior to the scandal, labeled false advertising by the Federal Trade Commission.

Even though Volkswagen is investing heavily in electric vehicles to clean its reputation dirtied by Dieselgate, it faces an uphill battle to redeem its own name—let alone that of diesel.

COMMENTS





Name

Accessories,1,Auto Insurance,1,Auto Show,13,Autos,414,Autos News,5,Barn Finds,1,Buying,1,Car Shows,1,Car Tech,1,Certified Pre-Owned Vehicles,1,Chicago Auto Show,1,Classic Cars,11,Consumer Electronics Show,1,Customs & Classics,1,Detroit Auto Show,1,Driving,1,Enthusiasts,27,Frankfurt Motor Show,1,Fuel Economy,1,Gearheads,1,Geneva Motor Show,1,Hot Rod Power Tour,1,Imports,1,Just For Fun,2,Los Angeles Auto Show,1,Maintenance,1,Motorcycles,17,Motorsports,1,Muscle Cars,1,Muscle Cars & Hot Rods,1,New Bikes,1,New Car Deals,1,New York Auto Show,1,News,47,Ownership,10,Paris Motor Show,1,Pebble Beach Concours d'Elegance,1,Recalls,1,Research,9,Reviews,1,SEMA Show,1,Shanghai Auto Show,1,Sports and Exotics,1,Sports Cars,1,Supercars,1,Tech,1,Tokyo Motor Show,1,Trucks,1,
ltr
item
Autos - U.S. Daily News: Investors Sue Volkswagen for $10.7B Over Dieselgate
Investors Sue Volkswagen for $10.7B Over Dieselgate
https://1.bp.blogspot.com/-zwfNM1UbltA/W5iDHCV1TxI/AAAAAAAAbN0/nHwz5jJdMek-nnwOV-1yyshbdrCul2eRwCLcBGAs/s1600/1.jpg
https://1.bp.blogspot.com/-zwfNM1UbltA/W5iDHCV1TxI/AAAAAAAAbN0/nHwz5jJdMek-nnwOV-1yyshbdrCul2eRwCLcBGAs/s72-c/1.jpg
Autos - U.S. Daily News
https://autos.dailynews.us.com/2018/09/investors-sue-volkswagen-for-107b-over.html
https://autos.dailynews.us.com/
https://autos.dailynews.us.com/
https://autos.dailynews.us.com/2018/09/investors-sue-volkswagen-for-107b-over.html
true
7329154058020919259
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy