The U.S. Securities and Exchange Commission (SEC) is suing Volkswagen (VW) and i...
WASHINGTON/FRANKFURT - The U.S. 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.
German markets regulator Bafin could not be reached for comment about whether it was working with the SEC.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.
The SEC suit also names VW’s VW Credit and Volkswagen Group of America Finance LLC, the entity used to sell the securities.Critics argue that VW should have informed investors on September 3, 2015 about having used a “defeat device” to cheat emissions tests, the same day that VW managers admitted to using illegal software to U.S. regulators.
FILE PHOTO: Former Volkswagen chief executive Martin Winterkorn leaves after testifying to a German parliamentary committee on the carmaker's emissions scandal in Berlin, Germany, January 19, 2017. REUTERS/Hannibal Hanschke/File Photo
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