Court rules for investors in VW diesel suit
Associated Press
FRANKFURT, Germany
A court in Stuttgart, Germany, ruled Volkswagen’s main stakeholder must pay $54 million in damages to investors for not making a timely disclosure of its scandal over cars rigged to cheat on diesel emissions tests.
The dpa news agency reported the court announced the verdict Wednesday against Porsche Automobil Holding SE, which holds 52 percent of the voting rights in Volkswagen.
The company said it would appeal and called the claims “without merit.”
News of the scandal broke in September 2015 but the plaintiffs argued Volkswagen’s top management knew about troubles earlier. Former Volkswagen CEO Martin Winterkorn exercised his legal right not to testify.
The case comes in addition to investor suits against Porsche SE and Volkswagen before a court in Braunschweig, Germany.