Mar 15, 2019

Volkswagen and former boss face US lawsuit over Dieselgate

The US is suing Volkswagen, accusing the German carmaker of "Massive fraud" over the diesel emissions scandal. VW first admitted in September 2015 that it had used illegal software to cheat US emissions tests. Between April 2014 and May 2015 the carmaker had sold $13bn of bonds and securities to US investors, at a time when executives were already aware that illegal software had been installed to manipulate emissions tests, according to the SEC's suit. The SEC said that as a result, Volkswagen "Reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company". Volkswagen has already agreed to pay more than $25bn in the US over the emissions scandal including criminal and civil fines.

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