Volkswagen sued by investors over handling of emissions scandal

Institutional investors are taking legal action against Volkswagen for $3.57 billion in damages over the firm’s handling of its emissions scandal, which has up until now seen the share cost fall by about a 3rd.

Lawyer Andreas Tilp stated Tuesday that the suit in the German local court in Braunschweig was signed up with by financiers from 14 nations, consisting of the United States, Australia, Germany, Canada, the Netherlands, and the UK. Amongst the complainants is CalPERS, the huge pension fund for government workers in California.

Volkswagen had no instant reply about the suit, however, firm stated that investor claims in Germany lack any merit.