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VW, But Not Ex-CEO, Dodges SEC’s Emissions Fraud Claims

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > VW, But Not Ex-CEO, Dodges SEC’s Emissions Fraud Claims

VW, But Not Ex-CEO, Dodges SEC’s Emissions Fraud Claims

Law360 (August 20, 2020, 10:25 PM EDT) — A California federal judge on Thursday largely tossed a U.S. Securities and Exchange Commission action alleging Volkswagen AG defrauded U.S. investors by failing to disclose its “clean diesel” emissions cheating scheme, but said former CEO Martin Winterkorn must face the regulator’s claims.

U.S. District Judge Charles Breyer dismissed claims against the automaker tied to its offering of nearly $5 billion in asset-backed securities, finding that a $50 million settlement with the U.S. Department of Justice had already released Volkswagen from any government-filed civil claims over the scandal as it related to those offerings.

The judge also narrowed the SEC’s fraud claims…

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