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Judge limits SEC lawsuit against VW over diesel emissions



(Reuters) – A US judge on Thursday dismissed parts of a US legal and currency commission that accused Volkswagen AG of defrauding US investors in connection with the carmaker's diesel emissions scandal.

U.S. District Judge Charles Breyer of San Francisco granted VW's proposal to reject allegations that it misled investors when it issued more than $ 13 billion in bonds and asset-based securities in 2014 and 2015.

The judge rejected as premature VW's request to block SEC from being sanctioned exemption and to weigh the gain.

He also denied former VW Chief Executive Martin Winterkorn's request to dismiss related SEC claims against him.

Volkswagen said it was pleased with the decision. "As this case progresses, we intend to show that the SEC's allegations are without merit," the company said.

A lawyer for Mr. Winterkorn declined to comment. The SEC did not respond to a request for comment.

The case arose after VW was caught using illegal software during the 201

5 US pollution test to make it appear that its diesel vehicles met state emissions standards.

This discovery triggered a global setback that has cost the German automaker more than 29 billion euros ($ 34.4 billion), including $ 4.3 billion in U.S. criminal and civil fines in 2017.

VW has admitted to secretly install the software in approximately 500,000 US vehicles.

But regulators and investors have said it should have warned earlier about the scandal. VW has said it underestimated the economic downturn.

Judge Breyer agreed with VW that SEC claims based on ABS offers must be rejected because the Ministry of Justice had already decided them in connection with the 2017 settlement.

He also dismissed some claims that VW misled bonds into financial reports and the risk of revocations.

Judge Breyer said that the SEC argued sufficiently. Winterkorn knew that VW was using false financial reports and rejected his argument that certain allegations were rejected because he was driving a VW from Germany. Catalog

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