Volkswagen Group will be on trial next week as investors seek USD10.7 billion in compensation, arguing that the automaker should have informed shareholders about a diesel pollution scandal before regulators did in September 2015.
The lawsuit bundles 1,670 claims brought mainly by VW’s institutional shareholders who have accused the company of failing to inform investors about the scope of a scandal which has cost the company 27.4 billion euros in penalties and fines.
VW shares lost up to 37% of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars. VW has admitted systematic emissions cheating but denies wrongdoing in matters of regulatory disclosure.
