Volkswagen Shareholders Seek $9.2 Billion Over Diesel ScandalBy
CreditJohn Macdougall/Agence France-Presse — Getty Images
A German court has been flooded with new lawsuits against Volkswagen from investors who say they lost billions as the value of the carmaker’s shares plunged after its diesel emissions scandal.
The surge could add to the company’s financial woes as it deals with the fallout from the revelation a year ago that it had cheated on emission tests.
In Germany, a regional court in Braunschweig, near Volkswagen’s headquarters in Wolfsburg, said it had registered more than 1,400 complaints from institutional and individual shareholders seeking 8.2 billion euros, or about $9.2 billion, in damages. Of those suits, 750 were submitted on Monday alone, coinciding with the one-year anniversary of the disclosure by United States authorities of the company’s use of illegal software on its diesel vehicles to cheat on American emission tests…
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