Porsche continues to pay for the consequences of dieselgate

Porsche continues to pay for the consequences of dieselgate

FineAuto

The scandal cost the automaker $ 38 billion in fees, fines and legal fees.

Porsche SE, Volkswagen’s largest shareholder, is facing legal action in the United States over claims related to the diesel emissions scandal. The lawsuit was filed in the New York State Supreme Court in April against Porsche SE, as well as former members of Volkswagen’s board and supervisory board.

Porsche SE, which owns 31.4% of Volkswagen shares, did not name the plaintiffs and did not provide details or quantification of possible claims, stating that the claim has not yet been satisfied.

“The plaintiffs claim to be shareholders of Volkswagen AG and are making alleged claims to Volkswagen AG on behalf of Volkswagen AG in their actions,” Porsche SE said in a statement.

The lawsuit marks the final chapter in the dieselgate saga since Volkswagen admitted in September 2015 that it was using illegal software to hide the real emissions figures of diesel engines. The scandal cost the automaker more than $ 38 billion in fees, fines and legal fees.

Volkswagen and Porsche SE are already the subject of € 4.1 billion shareholder claims in the wake of the crisis, but may take years before they are resolved. Volkswagen shareholders approved a deal last month to settle claims against four former executives, including former CEO Martin Winterkorn.

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