Volkswagen facing billion dollar lawsuits.
In a news printed in Guardian newspaper, it was reported that a number of institutional investors have filed a multi-billion dollar lawsuit against Volkswagen claiming that the company failed to properly inform the stock market about last year’s emission scandal between June 2008 and September 2015.
Nearly 300 investors from around the world are now seeking damages of about $3.72 billion & filed the lawsuit on March 21 in Braunschweig, Germany, according to the Guardian newspaper.
Last year’s emissions scandal rocked world’s largest auto maker & sent the company’s share price plummeting, leaving it facing billions of dollars in fines & leading to several senior corporate casualties, including Martin Winterkorn, VW’s boss, who resigned in September 2015.
According to the Guardian, VW did not comment, saying it had not seen the lawsuit.
Meanwhile, Reuters reported that Kentucky has sued Volkswagen and its luxury units claiming the German auto maker’s diesel emissions cheating scheme violated the state’s Consumer Protection Act.