VW Rips Bondholder's 9th Circ. Rehearing Bid In Fraud Suit

By Linda Chiem (August 4, 2021, 6:16 PM EDT) -- Volkswagen has told the Ninth Circuit that there's no need to revisit a recent ruling undercutting claims the German automaker duped a pension fund into buying overpriced bonds by not mentioning its emissions-cheating scandal in offering documents, saying the ruling appropriately clarified a reliance standard in securities fraud cases.

Volkswagen AG filed an opposition brief to the Puerto Rico Government Employees and Judiciary Retirement Systems Administration' petition for an en banc rehearing, saying the Ninth Circuit thoroughly analyzed the statements at issue, overlooked no facts, and followed court precedent.

In a 2-1 ruling in June, the Ninth Circuit said U.S. District...

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