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The US Securities and Exchange Commission sued Volkswagen AG for failing to reveal to investors that its diesel vehicles were violating emission standards, the latest turnaround in a computer fraud scandal that has already cost over $ 30 billion dollars to the company.
The German automaker sold billions of dollars of corporate bonds and badet-backed securities in the US from 2010 to 2015, while concealing its emissions fraud system, according to the regulator's complaint last Thursday at the San Francisco Federal Court. The case could give a new impetus to similar efforts to seek redress from European investors.
"Investors did not know that VW was lying to consumers to persuade them to buy its" clean diesel "cars and to government authorities in order to sell cars in the United States that did not comply with US emission standards," the SEC said. .
VW said the SEC's complaint was "legally and factually flawed" and that the company would "vigorously challenge it". She accused the Commission of "continuing to seek to extract more from society" more than two years after agreements with the Department of Justice.
"The SEC has filed an unprecedented complaint regarding securities sold only to sophisticated investors who have not suffered any prejudice and who have received all interest and principal payments in full and on time", said spokesman Christopher Hauss in an email.
"The SEC does not claim that those involved in the bond issue know that Volkswagen's diesel vehicles did not comply with the US emission rules when selling these securities. ," he added.
Shares of Volkswagen were down 0.2% to 148 euros at 9:53 in Frankfurt.
Allegations that VW has mistakenly concealed information about the antipollution software used in its diesel vehicles have been looming since the start of the scandal in 2015. The crisis has involved up to 11 million diesel vehicles worldwide and has cost to the company based in Wolfsburg about 28 billion euros (32 billion dollars) so far.
A court in the German city of Braunschweig is currently badessing a clbad action lawsuit filed by thousands of investors for a total amount of more than 9 billion euros. He scheduled the next hearing in the case on March 25.
Diesel losses
German prosecutors have also opened a criminal investigation to determine whether the current chief executive, Herbert Diess, president Hans Dieter Poetsch and then managing director Martin Winterkorn, had informed investors too late about diesel violations in the country. VW and their potential impact. Prosecutors will decide this year whether it is appropriate to continue allegations of market manipulation against the trio. VW also said Tuesday that an administrative investigation had been opened against the company in connection with the case.
VW repeatedly reiterated having informed the markets properly at all times and the three leaders denied the accusations. The SEC has informed the company that it could file a lawsuit related to an investigation officially opened in January 2017, VW announced in its annual report.
The case is the US Securities and Exchange Commission c. Volkswagen AG, 3: 19-cv-01391, US Court, Northern District of California (San Francisco).
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