A German court ruled that Volkswagen should have gone public in 2008 with the engine plan that sparked its diesel emissions scandal, reported Reuters.
Volkswagen, which admitted in 2015 to cheating U.S. diesel engine tests, said it had fulfilled all its disclosure obligations and any compensation claims were unfounded.
The 2015 admission sparked the biggest crisis in Volkswagen’s history and has cost the German company more than 32 billion euros ($38 billion) in vehicle refits, fines and legal costs so far.
The scandal has been traced back to 2008, approximately when Volkswagen started using software to control diesel engine emissions that was later ruled illegal when discovered by U.S. regulators.
Whether investors can claim compensation for the plunge in Volkswagen’s share price after the scandal was exposed depends on whether it can be proven that any member of the company’s executive board was aware the plan constituted cheating, the higher regional court in Braunschweig said on Thursday.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI