Volkswagen has agreed to settle a class action brought by investors arising out of its diesel emissions-cheating scandal. The complaint alleged that it knowingly issued false financial statements about its exposure and liabilities.
The settlement involves a class of thousands who bought Volkswagen ordinary and preferred American depositary receipts between November 2010 and January 2016. The investors claim the deal is good for the class because, in order to win at trial, they would have had to prove not only that Volkswagen made misleading statements about “clean diesel” vehicles, but also that those misrepresentations were reckless or intentional.=
The case is In re: Volkswagen “Clean Diesel” Marketing, Sales Practices and Products Liability Litigation, case number 3:15-md-02672, in the U.S. District Court for the Northern District of California.
This blog is intended to provide information to the general public and to practitioners about developments that may impact Oregon class actions.
