Volkswagen Sued For $3.7B In Germany Over Diesel Scandal
 |
Braunschweig Germany March 15, 2016; Karin Matussek writing for Bloomberg News reported that Volkswagen AG is being sued for 3.3 billion euros ($3.7 billion) over the cover-up of its polluting diesel engines, its biggest legal challenge in Germany after a wave of lawsuits in the U.S. centered on the scandal.
The action was filed Monday at the Braunschweig Regional Court on behalf of 278 institutional investors from around the world, lawyer Andreas Tilp said by telephone. The suit claims VW failed to publish information about the emissions scandal in a timely manner, he said.
As “Volkswagen persistently denies any settlement negotiations and also refuses to waive the statute-of-limitation defense until now, it was necessary to file this," Tilp said.
