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VW investors sue the car giant for 8.2 billion euros - German court

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By Euronews
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VW investors sue the car giant for 8.2 billion euros - German court

Volkswagen shareholders are suing the car maker for 8.2 billion euros.

A court in the German city of Brunswick announced on Wednesday that investors want damages after their VW shares plunged in the wake of the so-called dieselgate scandal which was uncovered in September 2015.

The US environmental protection agency found that Volkswagen had cheated on emissions tests in the United States.

The court in the German state of Lower Saxony, where Volkswagen has its headquarters, has jurisdiction over VW claims in Germany.

More than 1,400 claims have been filed against the car giant from both individual shareholders and corporate investors, including pension funds.

The announcement comes three weeks after a class action was announced against Volkswagen’s Australian arm.