1:08 pm, March 15, 2016
VOLKSWAGEN is facing a €3.3 billion lawsuit filed by investors from around the world who say the company took too long to release information about its emissions scandal.
According to reports, the lawsuit, compiled on behalf of 278 institutional investors, was filed on Monday in a court in Germany.
It is said to be the most substantial legal challenge to have been mounted in the manufacturer’s home country since news of the affair broke last September.
Among the plaintiffs are investors from Australia, Norway, Sweden, Switzerland, the UK and Taiwan. Included in the list are 17 German investment management companies as well as insurance firms and a significant American pension fund.
Bloomberg reported that lawyer Andreas Tilp said legal action was necessary because ‘Volkswagen persistently denies any settlement negotiations and also refuses to waive the statute-of-limitation defence until now.’
A VW spokesman said the company was not familiar enough with the lawsuit to provide comment.
MORE: Prestigious Autocar awards to be held at CDX
MORE: JCT600 invests £815,000 in York VW redevelopment
MORE: Vertu Motors stalwart retires
On SuperUnleaded.com: This Electric Corvette Shows That The Future Is Bright
