Ein court has rejected parts of a lawsuit filed by the US Securities and Exchange Commission against Volkswagen in the diesel scandal. What remained after the decision of Federal District Judge Charles Breyer in San Francisco, among other things, was the demand for certain compensation payments. There was also an attempt by the former CEO Martin Winterkorn unsuccessful in throwing off the SEC lawsuit against him. Comments from the SEC and VW were initially not available. A Winterkorn lawyer declined to comment.
The SEC had March 2019 VW and Winterkorn accused of defrauding investors in the United States. VW issued corporate bonds and securitized securities worth more than $ 13 billion there from April 2014 to May 2015, when top managers had already known about the exhaust gas manipulation.
The company never paid back “the hundreds of millions of dollars” that it had fraudulently made in securities transactions. VW rejected the lawsuit at the time.
In Germany, on the other hand, Hans Dieter Pötsch, head of the VW supervisory board, no longer has to fear legal proceedings for market manipulation in Stuttgart. The public prosecutor’s office has closed its investigations against him and the former CEO Matthias Müller in connection with the diesel scandal after three and a half years.
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