"Dieselgate" and VW: Investors Seek $11 Billion Damages Over Dieselgate Scandal

[rainman + 263]

Volkswagen (VOWG_p.DE) went on trial on Monday to face investors seeking 9.2 billion euros ($10.6 billion) in compensation, arguing the carmaker should have informed shareholders earlier about its diesel emissions scandal. Shareholders representing 1,670 claims are seeking compensation for a slide in Volkswagen’s (VW) share price triggered by the scandal, which broke in September 2015 and has cost the firm 27.4 billion euros in penalties and fines so far. “VW should have told the market that they cheated and generated risk worth billions,” Andreas Tilp, a lawyer for the plaintiffs, told the Braunschweig higher regional court. “We believe that VW should have told the market no later than June 2008 that they could not make the technology that they needed in the United States.” The plaintiffs say VW failed in its duty to inform investors about the financial impact of the scandal, which became public only after the U.S. Environmental Protection Agency (EPA) issued a “notice of violation” on Sept. 18, 2015. VW says the EPA’s issuance of the notice of violation was not in keeping with how U.S. authorities had handled similar cases involving other carmakers.

[Pavel + 384]

VW might not need to settle with EPA without notice, but it could not hide Dieselgate secret regardless its notice.

[damirUSBiH + 327]

The European Commission's JRC tested a Skoda Yeti 2.0 Euro 5 diesel car before and after VW's recall. Not only did NOx increase but was higher than regulatory limit...

 

[50 shades of black + 254]

so frustrating...VW has to pay for cheating

[ThunderBlade + 231]

It's not just "Dieselgate".... Volkswagen also cheated on emissions tests in certain petrol vehicles, so "Petrolgate" will be next phase 

https://breakingthenews.net/vw-also-cheated-emissions-tests-in-petrol-cars-report/news/details/44722546

 

[franco + 96]

Volkswagen has been hit with huge penalties in the U.S. for the emissions scandal, but not in Europe. And, maybe it's time for same scenario there...VW paid each US owner of a VW car with illegal software a compensation of $5.000.

[jpZelabal + 63]

Not surprisingly, the EU (run by Germany) is giving VW a free pass on it. Power and money....corruption!

[Jan van Eck + 7,558]

VW built some 300,000+ diesel cars for the USA market between 2009 and 2015.  It has bought back about 98% of these cars and is storing them in huge parking lots and closed airports around the USA.  There were two models of diesel engines (the 4-cyl. versions), one for the years 2009-2014, for which no computer fix has been figured out, and one for the 2015 cars, for which a fix is developed and approved by the EPA.  VW plans to gently release the 2015 fixed models back into the market through its dealers, but because it is limiting the trickle into the market, the prices for these are rising above list.  There is no word on what will happen with the 2009-2014 cars, they cannot be exported as the US Govt refuses to approve shipment to Africa, and no fix has been developed that satisfies the EPA. 

It is my view that these cars should be converted to run on methanol/alcohol, which requires the casting of a new head and addition of a spark ignition system to get the burn started in each cylinder.  The combustion of alcohol is:  C2H5OH + 3O2 -----> 2CO2 + 3H2O.  It is a totally clean burn.  All you get is some water vapor.  Will the Federal govt ever allow that?  No chance; they are professional bureaucrats, with small minds and no imagination.  Oh, well.  

Would make a great experiment, though.