VW-Werk in Wolfsburg

VW: US Securities and Exchange Commission sued carmaker and former CEO Martin Winterkorn


The US Securities and Exchange Commission has Volkswagen sued in the diesel scandal for alleged violations of US securities laws. Subsidiaries of the Group are said to have breached information requirements when issuing bonds and other collateralised securities. There is talk of "massive fraud" against US investors.

With the complaint against the corporation as well as against the ex-CEO Martin Winterkorn the SEC wants to achieve that Winterkorn can no longer work as a leading manager of a US company. Unjustly obtained profits should be repaid.

VW announced on Friday to put up with "emphasis" to defend. The complaint has "significant legal and content deficiencies". The lawsuit is related to September 2015 in the United States Software manipulation of emissions tests,

"Volkswagen closed multi-billion dollar settlements with the US Department of Justice, nearly all US states and nearly 600,000 US consumers over two years ago," said a VW spokesman. "Regrettably, the SEC is trying to tie it down again."

In the annual report, VW also announced on Tuesday that the US Securities and Exchange Commission had informed the Group in January 2017 that it had initiated a formal investigation into the issue of bonds and asset-backed securities (ABS).

VW had paid more than $ 23 billion to clear the litigation. For comparison with the Ministry of Justice was also a confession of the Group, to have violated US laws.

In addition to complaints by car buyers, Volkswagen is faced with a series of investor complaints, especially in the form of capital investor protests filed by shareholders before the Higher Regional Court of Braunschweig. Last VW quantified the risks from such pending investor complaints worldwide in the annual report on approximately 9.6 billion euro. Volkswagen has repeatedly denied violating information requirements. With some plaintive US investors, the group had already agreed on a settlement.

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