[volkman10]

Volkswagen marred in another scandal?

VW CEO, chairman charged with stock market manipulation,

German prosecutors have brought criminal charges of stock market manipulation against Volkswagen CEO Herbert Diess, former CEO Martin Winterkorn and Chairman Hans Dieter Poetsch in connection with the automaker's emissions cheating scandal.

The accused intentionally failed to inform investors in time about the financial impact of the scandal, the prosecutors' office in the northern city of Braunschweig

Diess will keep his role as the carmaker's chief executive and continue to defend himself with all legal means.

Link

[Jeroen]

Originally Posted by volkman10

VW CEO, chairman charged with stock market manipulation,

Diess will keep his role as the carmaker's chief executive and continue to defend himself with all legal means.

This was of course bound to happen. If you have a company that with the knowledge and actual support from senior management wilfully breaks the law, that by itself could be seen as influencing stock market of course.

I hope they throw the book at them BIG Time. And more importantly not just punish the company, but the involved individuals personally as well.

Diess became CEO in 2018 but was up to his neck in Dieselgate before that.

Jeroen

[volkman10]

Volkswagen headquarter ransacked again on emission cheating scandal.

German public prosecutors raided the Wolfsburg headquarters of Volkswagen in the latest investigation into the carmaker's diesel emissions scandal.

the raids were linked to an investigation into diesel cars with engine type EA 288, a successor model to the EA 189 which was at the heart of the test cheating scandal.

In simulations, vehicles with the EA 288 engine did not indicate a failure of the diesel filter, while still complying with emissions limits,

Link

[wheelguy]

The case followed a request from an Austrian court handling a claim by the Austrian consumer association VKI on behalf of 574 owners of manipulated vehicles. The court wanted to know if it had jurisdiction to hear the case.

By Kate Abnett

- EU consumers should be able to sue carmakers in their national courts if they have bought cars with emission cheat devices installed, an adviser to the Court of Justice of the European Union said on Thursday.

The opinion, if followed by Europe's top court, raises the possibility that Volkswagen could face masses of legal complaints from consumers across the European Union.

Contacted by Reuters, VW had no immediate comment.

Advocate general Campos Sanchez-Bordona said the general rule was that applicants should sue in courts where the defendant is domiciled. However, in cases of tort there was also the possibility of suing in the courts of the place where a harmful event occurred.

The VKI wants compensation for the difference between the price consumers paid for vehicles, and the value of a manipulated vehicle. It also wants coverage for future damages, such as a drop in the value caused by driving bans.

The advocate general concluded the place where the damage occurred was the place where the car was bought.

"A company can be sued by the purchasers of vehicles that it manipulated before the courts of the member state where the vehicles were purchased," the court said in a statement.

The court typically rules within two to four months of such opinions. Judges follow them in the majority of cases, but are not bound to do so.

VW fitted 360,000 vehicles in Austria with defeat devices, according to a report by the European Commission.

The company admitted in 2015 to using illegal software to cheat U.S. diesel engine tests, a scandal that has cost it more than $30 billion in vehicle refits, fines and provisions.

Nearly all U.S. owners of affected cars agreed to take part in a $25 billion settlement in 2016 in the United States.

The carmaker is in talks with Germany's consumer protection organisation to seek a deal in a class action lawsuit there.

Source

[Venkatesh]

German Court Ends Diesel Case Against Volkswagen CEO, Chairman.

German court said on Wednesday it was ending proceedings against the chairman and chief executive of Volkswagen AG after the carmaker agreed to pay a fine of 9 million euros ($9.9 million) over the diesel emissions scandal.

CEO Herbert Diess and non-executive Chairman Hans Dieter Poetsch were accused of stock market manipulation for a delay in informing investors about the diesel scandal when it first came to light in 2015, and were each fined 4.5 million euros.

https://www.carandbike.com/news/germ...airman-2232524

[SLK]

Volkswagen loses landmark German case as diesel owners stand to receive damages.

The ruling, which will allow owners to return their vehicles for partial reimbursement of the purchase price, serves as a template for about 60,000 lawsuits that are still pending with lower German courts.

https://auto.economictimes.indiatime...mages/75974111

[Prakritij]

Here's one more antics from VAG
https://m.economictimes.com/industry...w/77046840.cms

[sandeepmohan]

Originally Posted by Prakritij

Here's one more antics from VAG

Induced into buying the car! If that was just a normal sales tactic, that might fall under deaf ears.

On emissions, the owner is going to have to show some data as proof or evidence, such as a puc report, that his vehicles were indeed off the charts on emissions. I don't see this gaining much traction otherwise. VW could not be bothered with one isolated case from our country.

[wheelguy]

VW seeks damages from ex-CEOs over dieselgate scandal

The Volkswagen group was plunged into crisis in 2015 when it admitted to installing cheating software in 11 million diesel vehicles worldwide to dupe pollution tests.

Berlin: German auto giant Volkswagen said Friday it would seek unspecified damages from two former CEOs over the "dieselgate" emissions cheating scandal that has cost it tens of billions of euros.

The company said in a statement it would seek compensation from Martin Winterkorn, ex-chief executive of the group, as well as Rupert Stadler, former head of its Audi division, for "breach of duty" in connection with the affair.

The Volkswagen group was plunged into crisis in 2015 when it admitted to installing cheating software in 11 million diesel vehicles worldwide to dupe pollution tests.

The scandal, based on allegations from the US Environmental Protection Agency (EPA), has so far cost the German car giant more than 30 billion euros ($35 billion) in fines, legal costs, and compensation.

The group said in its statement Friday that it had completed an internal investigation begun in October 2015 into the "causes and those responsible for the diesel crisis".

"Breaches of duty by other members of the company board were not found," it said.

However, the company said it had found evidence that Winterkorn had failed to take action from July 2015 to get "immediate and comprehensive" information about the use of the illegal software in vehicles sold in North America between 2009 and 2015.

It said that he had also "failed in this context to ensure that the questions asked by the US authorities were truthfully and fully answered".

VW said its supervisory board had found that Stadler had not investigated from September 2016 whether Audi motors built into Volkswagen, Porsche, and Audi model vehicles in the EU included the illicit software.

Winterkorn, 73, and four other ex-Volkswagen colleagues are due to go on trial together in Germany on charges of organised commercial fraud and serious tax evasion.

The start of proceedings has been repeatedly pushed back owing to the coronavirus pandemic and a new trial date was set Wednesday for September 16.

The first senior executive to go on trial over "dieselgate" was Stadler whose fraud proceedings opened in Munich last year.

Source

[AutoNoob]

EU fines 4 German carmakers $1 billion over emission collusion

Source : TOI Auto

The European Union on Thursday fined four major German car manufacturers $1 billion in fines because they colluded to limit the development and rollout of car emission control systems.

The European Commission said Daimler, BMW, VW, Audi and Porsche avoided competing on technology to restrict pollution from gasoline and diesel passenger cars.

Daimler wasn't fined after it revealed the cartel to the European Commission.

EU antitrust chief Margrethe Vestager said that even though the companies had the technology to cut cut harmful emissions beyond legal limits, they avoided to compete and denied consumers the chance to buy less polluting cars.

[Bibendum90949]

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[volkman10]

BMW, VW, Audi, Mercedes fined by S. Korea for rigging diesel emissions.

South Korean anti-trust regulators said the automakers were involved in collusion to manipulate emissions that reduced competition and restricted consumer choice.

South Korea's anti-trust regulator said it will impose a combined fine of 42.3 billion won ($33.48 million) on Mercedes-Benz, BMW, Volkswagen and Audi for colluding to rig emissions of its diesel cars using software.

The four were involved in collusion that reduced competition and restricted consumer choice, the Korea Fair Trade Commission (KFTC) said on Thursday.

Mercedes was fined 20.7 billion won, BMW 15.7 billion won and Audi 6 billion won, the regulator said, adding that VW was not fined because it did not earn revenue relevant to the issue.

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