Dutch Investment Group Sues Volkswagen Over Emissions Scandal

A Dutch foundation trying to recover damages for Volkswagen Group investors said it has already won the support of dozens of shareholders, including several institutions, since it was launched this week.

Volkswagen's shares have plunged since it admitted in September to misleading U.S. regulators about emissions with the help of manipulated engine-control software, wiping billion of euros off its market value.

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PUGPROUD - 2/17/2016 1:06:47 PM

+1 Boost

As Casey Kasem use to say "AND THE HITS KEEP ON COMING!"

TheSteve - 2/17/2016 1:11:15 PM

+2 Boost

This is just a story about Dutch investors being pisses at VW's declined stock value, and seeking compensation.

In other news, the country of Mexico has just leveled fines at VW for failing to certify about 45,000 vehicles they sold illegally in Mexico. The certification pertains to emissions and noise. NOTE: This fine does not mean that VW exceeded legal limits; they just didn't get their vehicles certified... but as we know, VW has a huge problem with emission levels, and falsifying emissions testing, and falsifying fuel economy numbers, etc.

Does anyone remember when the Dieselgate story broke in September 2015, and a top VW exec made a public statement to the effect of "This is not who we are"? Well, as more and more evidence piles up, it sure looks like this is EXACTLY what VW is all about: Systemic illegal and unethical practices, dishonesty, deception :-(

It's a sad, sad state of affairs.

MDarringer - 2/17/2016 9:30:59 PM

+1 Boost

@PUGPROUD @TheSteve brilliantly stated.

trboaccord - 2/18/2016 8:57:08 AM

+1 Boost

LMAO falsifying fuel economy numbers? So their cars getting significantly better than what the fuel economy numbers say is bad huh?

TheSteve - 2/18/2016 8:57:58 PM

+1 Boost

Nope. For fuel economy testing, VW cut (thinned) their lubricants with diesel fuel in order to reduce resistance. They also taped up seams to reduce air turbulence. Both are illegal. Both resulted in OVER-stated fuel economy numbers (i.e., stated you get higher MPG than legal testing methods would have reported). There are class-action lawsuits against VW, already in progress for this.

The falsified fuel economy numbers also inadvertently resulted in falsified CO2 emission numbers, which were understated (CO2 emissions are closely related to fuel economy). In various European countries, those who tax car owners according to the manufacturer's stated CO2 emissions, VW's understatement of CO2 numbers resulted in reduced tax revenues, through fraudulent means. This resulted in various European countries leveling tax fraud charges against VW. Yet more hot water for an already embroiled VW.

It's no laughing matter, nor is it easily dismissed by a light-hearted joke.