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FX.co ★ Volkswagen shareholders lost almost €40bn due to diesel scandal

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Forex Humor:::2015-10-23T09:57:00

Volkswagen shareholders lost almost €40bn due to diesel scandal

Representatives of legal firms Bentham and Quinn Emanuel negotiate with Volkswagen shareholders from Norway and Qatar on filing a lawsuit against the German car manufacturer. Attorneys estimated that investors’ losses caused by the diesel scandal totaled almost 40 billion euros.
The German Federal Ministry of Transport and Digital Infrastructure supposes that VW violated the European legislation; the ministry has already sent a corresponding letter to the EU services.
The mentioned scandal aroused after the US Environmental Protection Agency (EPA) accused the famous carmaker of using special ‘defeat devices’ in diesel cars to cheat strict pollution tests in the United States.
The story was broadly covered in media, making Volkswagen CEO Martin Winterkorn quit. The US government ordered the automaker to recall 500,000 Volkswagen and Audi cars sold in 2009-2015 and threatened the manufacturer with a fine of 18 billion euros. The German authorities imposed the same requirements.

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