Volkswagen Says DOJ Deal Bars SEC Emissions Fraud Claims

Law360 (June 29, 2020, 5:59 PM EDT) -- Volkswagen told a California federal judge Friday that its upfront disclosures and an earlier settlement with the U.S. government bar the U.S. Securities and Exchange Commission's claims that the automaker knowingly misled bond investors by not revealing its "clean diesel" emissions cheating scheme.

The German auto giant, its financing units and former chief executive Martin Winterkorn pressed their bids to slash the SEC's March 2019 suit alleging they offloaded more than $13 billion in 144A bonds and asset-backed securities at inflated prices over the course of seven separate securities offerings from April 2014 to May 2015.

According to the SEC, the...

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