Institutional Investors Hit VW With $3.6B Suit In Germany

Law360, New York (March 15, 2016, 12:52 PM EDT) -- Volkswagen AG has been hit with a $3.6 billion lawsuit in Germany in which nearly 300 institutional investors from across the globe accuse the automaker of breaching its duty to the capital markets participants with regard to its emissions scandal, counsel for the investors said Tuesday.

The $3.61 billion (€3.25 billion) suit was filed in Germany's Regional Court in Brunswick Monday by 278 investors from 15 different countries, according to the law firm representing them: TISAB Rechtsanwaltsgesellschaft mbH. Among the investor plaintiffs is CalPERS, one of the largest pension funds in the U.S.

The group alleges that VW breached its duty to...

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