The fallout from Volkswagen’s 2015 emissions scandal is far from over, with 278 institutional investors filing a lawsuit against the automaker in Germany for damages of $3.6 billion on Monday.
Law firm TISAB said the action concerns whether the company failed to keep markets adequately informed about the emissions scandal, focusing on the period from June 2008 to Sept. 18, 2015, according to the Guardian. It was submitted in VW’s home state at a Braunschweig regional court on behalf of investors from around the world.
VW said it could not comment because it had not received the lawsuit.
The automaker was caught in 2015 using “default device” software to deceive U.S. emissions tests, making millions of cars appear more environmentally friendly. The scandal led to CEO Martin Winterkorn’s resignation, a U.S. Department of Justice criminal investigation, massive losses and potential fines of up to $20 billion.
[Guardian]
More Must-Reads from TIME
- Welcome to the Noah Lyles Olympics
- Melinda French Gates Is Going It Alone
- What to Do if You Can’t Afford Your Medications
- How to Buy Groceries Without Breaking the Bank
- Sienna Miller Is the Reason to Watch Horizon
- Why So Many Bitcoin Mining Companies Are Pivoting to AI
- The 15 Best Movies to Watch on a Plane
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Mark Rivett-Carnac at mark.rivett-carnac@timeasia.com