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Volkswagen may face the SEC trial against failure to disclose emission fraud



(Reuters) – Volkswagen AG said that the US Securities and Exchange Commission can sue against the German automaker that it has not left its diesel emissions scandal to investors.

VW said in its annual report released earlier this week that the SEC probe focuses on the automaker's disclosure of "some Volkswagen diesel powered" non-compliance with US emission rules.

Volkswagen did not have an immediate comment.

Volkswagen has agreed to pay more than $ 25 billion in the United States in connection with "Dieselgate" for claims from owners, environmental regulators, states and retailers and has offered to buy back about 500,000 polluting US vehicles.

VW admitted in September 201

5 secretly installing software in nearly 500,000 US vehicles to cheat government's exhaust emission tests and accused in 2017 of felony charges, totaling 13 people in the United States, including four Audi executives.

Regulators and Investors have sought penalties and damages from Volkswagen and argued that the car manufacturer should have informed t timely investors about the size and scale of fines related to their diesel emissions cheating scandal. The German Securities Act requires Volkswagen to publish market news in an early manner.

Volkswagen acknowledged that US regulators had used an illegal "defeat" on September 3, 2015, but did not inform investors. The US Environmental Protection Agency and the California Air Resources Board made VW's cheating public on September 18, 2015.

Volkswagen has claimed that it was not necessary to inform investors in the past because it did not believe there were fines totaling billions of dollars.

                    


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