Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Porsche SE sued in the US in relation to “dieselgate” scandal

Volkswagen’s biggest shareholder, Porsche SE, is being sued in the United States over allegations related to the auto maker’s diesel emissions scandal.

The lawsuit, filed with the Supreme Court of the state of New York in April, is against Porsche SE and former members of the management and supervisory boards of Volkswagen, the company said.

“The plaintiffs claim to be shareholders of Volkswagen AG and assert with their action alleged claims of Volkswagen AG on behalf of Volkswagen AG,” Porsche SE said in its half-year report.

In September 2015, Volkswagen admitted that it had used illegal software in order to rig diesel engine emissions tests.

So far, the auto maker has incurred over EUR 32 billion in fees, fines and legal costs in relation to the scandal.

According to Reuters, Volkswagen and Porsche SE are already subject to EUR 4.1 billion worth of shareholder claims in association with the “dieselgate” saga.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News