The group misled consumers.
The Commission on securities and stock exchanges of the USA (SEC) which performs the function of stock exchange supervision, filed a complaint against the German company Volkswagen and its former head, Martin Winterkorn (Martin Winterkorn) in connection with the alleged violation of U.S. securities laws. A civil action was made on Thursday evening, March 14, in San Francisco.
In the period from April 2014 to may of 2015 Volkswagen released in the markets of US bonds and asset-backed securities totaling more than $ 13 billion while the leadership of the group knew that more than 500 thousand diesel vehicles in the United States exceeded the permissible limits on exhaust gases.
VW “repeatedly lied and misled investors, consumers and regulators in the United States,” which was part of the illegal sales schemes supposedly “clean” diesel vehicles, discussed later in the lawsuit.
In its first reaction, the German company pointed to “significant legal and substantive shortcomings” of the claim. “Volkswagen is already more than two years ago signed a multibillion agreement on compensation with the Ministry of justice, almost all States and almost 600 thousands of U.S. consumers”, – said the representative of the concern in Wolfsburg.
The result initiated by the authorities of the United States in September 2015 investigation of VW, was forced to admit that millions of sold cars in the world the software was installed, which allowed to manipulate test engine compliance of environmental standards.
“Deselect” caused a massive recall of VW from the market for the elimination of technical fraud. The group reached with the authorities of the United States of the agreement on the penalty and compensation payments totaling more than $ 23 billion as part of the settlement of the scandal.