Just yesterday, we reported that the
German state of Bavaria is suing Volkswagen over money lost in VW stocks after the diesel scandal broke. Today we find out that VW is trying to get out of a very similar class-action suit in the US.
Automotive News Europe reported that a group of retirement funds from around the United States filed a class-action lawsuit against VW in California. According to the funds, the German automaker did not disclose how severe the diesel scandal was, and as a result, the funds lost money they might not have if they had more information. In many ways, the suit is very similar to the Bavarian case.
Volkswagen wants the case dismissed, according to the
Automotive News Europe report, and the reason they give is the suit would have to be filed in Germany rather than California since the stocks are primarily traded in the company’s home country.
It seems that a decision has yet to be made in whether the case will be heard. Even if VW does manage to have this case dismissed,
the company still has quite a few others to wade through.
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