Porsche SE Faces U.S. Lawsuit Over Dieselgate Scandal
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Porsche SE, Volkswagen’s largest shareholder, is facing a lawsuit in the United States over claims related to the carmaker’s diesel emissions scandal. The suit, filed with the Supreme Court of the state of New York in April, targets Porsche SE as well as former members of the management and supervisory boards of Volkswagen, Porsche SE said in its half-year report. Porsche SE, which holds 31.4% of Volkswagen, did not identify the plaintiffs and did not detail or quantify possible claims, saying the action had not yet been served.
“The plaintiffs claim to be shareholders of Volkswagen AG and assert with their action alleged claims of Volkswagen AG on behalf of Volkswagen AG,” Porsche SE said.
The lawsuit marks the latest chapter in the “dieselgate” saga since Volkswagen admitted in September 2015 to using illegal software to rig diesel engine emissions tests. The scandal has cost the carmaker more than 32 billion euros ($38 billion) in fees, fines and legal costs so far.
Volkswagen and Porsche SE are already subject to 4.1 billion euros worth of shareholder claims in relation to the crisis, but it could take years before they are resolved.
Last month, Volkswagen shareholders approved a deal to settle claims against four former executives, including long-time CEO Martin Winterkorn, related to the crisis.
Questions & Answers
Q.Which entities are named as targets in the newly filed US lawsuit?
Which entities are named as targets in the newly filed US lawsuit?
The lawsuit targets Porsche SE and former members of the management and supervisory boards of Volkswagen, according to Porsche SE's half-year report. The action was filed with the Supreme Court of New York in April.
Q.What is the relationship between Porsche SE and Volkswagen, according to the article?
What is the relationship between Porsche SE and Volkswagen, according to the article?
Porsche SE is Volkswagen’s largest shareholder, holding 31.4% of the carmaker. This significant stake makes it a key entity in any legal actions against Volkswagen.
Q.How much has the Dieselgate scandal cost Volkswagen so far, as mentioned in the article?
How much has the Dieselgate scandal cost Volkswagen so far, as mentioned in the article?
The Dieselgate scandal has cost Volkswagen more than 32 billion euros, which is equivalent to $38 billion. This figure includes fees, fines, and other legal costs incurred since the scandal broke.
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