London - Volkswagen (VW) has been hit with a multi-billion dollar lawsuit filed by a number of institutional investors over claims it failed to properly inform the stock market about last year’s emission scandal.
The lawsuit, brought by nearly 300 investors from around the world, is seeking damages of €3.3bn (£2.56bn) and was filed yesterday in Braunschweig, Germany, according to The Guardian newspaper.
Documents filed with the court argued that VW failed to properly inform the market between June 2008 and 18 September last year.
Last year’s emissions scandal rocked the automaker, the world’s largest, sending its share price plummeting, leaving it facing billions of dollars in fines and leading to several senior corporate casualties, including Martin Winterkorn, VW’s boss, who resigned in September 2015.
VW did not comment, the Guardian reported, saying it had not seen the lawsuit.