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.
Regulators and investors argue VW should have informed them sooner about the scope of the scandal, while VW says it was not clear it would face billions of dollars in fines and penalties as others had paid out much lower sums for similar offences. The suit filed in San Francisco seeks to bar Winterkorn from serving as an officer or director of a public U.S. company and recover “ill-gotten gains” along with civil penalties and interest.
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.
VW’s management had sought to strike a deal with U.S. regulators behind closed doors, a process that would lead costs to be “controllable overall with a view to the business activities of Volkswagen Group,” a VW document showed.
Who is going to sue USA for all these shit with planes and other faulty stuff?
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