The Securities and Exchange Commission is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker's diesel emissions scandal.
The Securities and Exchange Commission is suing Volkswagen and its former chief executive Martin Winterkorn over the German automaker's diesel emissions scandal, alleging a"massive fraud" on U.S. investors.
The SEC said in its civil complaint on Thursday that from April 2014 to May 2015, VW issued more than $13 billion in bonds and asset-backed securities in U.S. markets at a time when senior executives knew that more than 500,000 U.S. diesel vehicles grossly exceeded legal vehicle emissions limits. Winterkorn, who resigned days after the scandal became public in September 2015, was charged by U.S. prosecutors in 2018 and accused of conspiring to cover up the German automaker's diesel emissions cheating.VW said in a statement the SEC complaint"is legally and factually flawed, and Volkswagen will contest it vigorously.
VW has spent billions to pay claims from United States-based VW owners, environmental regulators, states and dealers, and has offered to buy back about 500,000 polluting U.S. vehicles. That figure included $4.3 billion in U.S. criminal and civil fines.
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