Volkswagen investors file $3.6 billion lawsuit

Volkswagen Lawsuits

278 Volkswagen investors from around the world have filed a $3.6 billion lawsuit for losses they say were suffered as a result of the carmaker’s diesel cheating scandal.

The lawsuits have been filed at a regional court in Braunschweig, in the German state of Lower Saxony where Volkswagen is based.

Most of the complains are from private investors — with some claiming damages as small as 600 euros ($666).

Investors are accusing Volkswagen of violating its stock market duties by failing to keep markets and investors informed about the scandal in a timely manner.

Volkswagen admitting to cheating on engine emissions tests in America and Europe in September.

The company later admitted to fitting 11 million diesel vehicles worldwide with software that could cheat nitrogen oxide emissions tests.

The company has watched as more than 25% of its market valuation has been wiped out since the revelation was made.

The company declined to comment on the lawsuit, but said it believe it has fulfilled its disclosure obligation under German capital markets law.