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VW investors file multi-billion dollar suit in Germany
http://www.theguardian.com/business/2016/mar/15/vw-investors-file-multi-billion-dollar-suit-in-germanyAlmost 300 investors from across the world claim the carmaker failed to keep the markets informed about the emissions scandal
VW investors file multi-billion dollar suit in Germany
Staff and agencies
Monday 14 March 2016 20.45 EDT
Almost 300 institutional investors in Volkswagen have filed a multi-billion dollar suit against the carmaker for what they claim were breaches of its stock market duty in the emissions cheating scandal.
The lawsuit, for damages of €3.3bn ($3.6bn), was filed at a regional court in Braunschweig in VW’s home state of Lower Saxony on Monday and is being brought by 278 investors from all over the world, including German insurers and US pension fund Calpers.
Michael Horn, VW’s US president, resigns 'effective immediately'
Read more
In 2015 VW was caught using “default device” software to systematically cheat on US regulators’ emissions tests.
Martin Winterkorn, the global chief executive of VW, resigned in September 2015 in the near-immediate aftermath of the scandal, which wiped billions of euros off VW’s market value and left the company facing fines of as much as $20bn and a criminal investigation by the US Department of Justice.
