Lawsuits are piling up against Volkswagen in its home country.
A German court said that 70 lawsuits from Volkswagen investors have been filed.
The latest, and the biggest so far, was brought Monday by 278 Volkswagen (VLKPY) investors from around the world, including California pension fund CalPers.
They seek 3.25 billion euros ($3.6 billion) for losses they say they suffered as a result of the carmaker’s diesel affair.
Volkswagen declined to comment on the lawsuit, because it hasn’t received it yet. But a spokesperson said the company believes it fulfilled its disclosure obligation under German capital markets law.
The suits have been filed at a regional court in Braunschweig, in the German state of Lower Saxony where Volkswagen is based.
They are mostly from private investors; some claim damages as small as 600 euros ($666).
Investors are accusing Volkswagen of violating its stock market duties by failing to keep markets and investors informed about the scandal in a timely manner.
Volkswagen first admitted to rigging engine emissions tests in America and Europe in September, later saying it fitted as many as 11 million diesel vehicles worldwide with software that could cheat nitrogen oxide emissions tests.
The scandal has wiped off more than a quarter of Volkswagen’s stock market value, and cost investors millions.
Source: CNNMoney
