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Fri Mar 15, 2019, 04:43 AM

US SEC files suit against VW, Martin Winterkorn


US SEC files suit against VW, Martin Winterkorn

Date 15.03.2019

In a complaint filed in San Francisco, the US Securities and Exchange Commission (SEC) on Thursday accused German automaker Volkswagen of perpetrating a "massive fraud" on US investors in the Dieselgate scandal.

From April 2014 to May 2015, VW issued more than $13 billion (11.5 billion) in bonds and asset-backed securities in US markets at a time when senior executives knew that more than 500,000 diesel vehicles in the country exceeded legal vehicle emissions limits.

Volkswagen "reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company," the SEC said.

The suit also seeks to bar former VW CEO Martin Winterkorn from serving as an officer or director of a public US company, and recover "ill-gotten gains."

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Reply US SEC files suit against VW, Martin Winterkorn (Original post)
nitpicker Mar 2019 OP
nitpicker Mar 2019 #1
Sherman A1 Mar 2019 #2

Response to nitpicker (Original post)

Fri Mar 15, 2019, 07:44 AM

2. Good

I hope that the SEC is successful.

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