Volkswagen Emissions Scandal: Carmaker To Slash Investment By $1.1B A Year, Ramp Up ‘Efficiency Programs’

17th Mar 2016 Comments Off on Volkswagen Emissions Scandal: Carmaker To Slash Investment By $1.1B A Year, Ramp Up ‘Efficiency Programs’

Volkswagen AG announced Tuesday it will slash investment by 1 billion euros ($1.1 billion) a year, in the wake of a massive emissions cheating scandal. The move comes amid continuing criticism of the German carmaker for its handling of the scandal that has affected nearly 11 million cars worldwide and has thrown the company into its biggest-ever crisis. The company also […]

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Lawsuits Are Piling Up Against Volkswagen In Its Home Country

17th Mar 2016 Comments Off on Lawsuits Are Piling Up Against Volkswagen In Its Home Country

A German court said that 70 lawsuits from Volkswagen investors have been filed. The latest, and the biggest so far, was brought Monday by 278 Volkswagen (VLKPY) investors from around the world, including California pension fund CalPers. They seek 3.25 billion euros ($3.6 billion) for losses they say they suffered as a result of the carmaker’s diesel affair. Volkswagen declined […]

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Institutional Investors Hit VW With $3.6B Suit In Germany

17th Mar 2016 Comments Off on Institutional Investors Hit VW With $3.6B Suit In Germany

By Aebra Coe Law360, New York (March 15, 2016, 12:52 PM ET) — Volkswagen AG has been hit with a $3.6 billion lawsuit in Germany in which nearly 300 institutional investors from across the globe accuse the automaker of breaching its duty to the capital markets participants with regard to its emissions scandal, counsel for the investors said Tuesday. The […]

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Why Did Michael Horn Leave Volkswagen? It May Have Been Legal Fears

15th Mar 2016 Comments Off on Why Did Michael Horn Leave Volkswagen? It May Have Been Legal Fears
Originally published by Forbes In all of the dieselgate scandal, this news was a real surprise: Yesterday evening in the U.S., or in the middle of the night in Germany, “Volkswagen Group of America announced the departure of Michael Horn, president and CEO,” and that he “will be leaving to pursue other opportunities effective immediately.” Wondering why, German reporters called this [...] Read more ›

Volkswagen America CEO Departs Amid Emissions Scandal

12th Mar 2016 Comments Off on Volkswagen America CEO Departs Amid Emissions Scandal
Law360, New York (March 9, 2016, 8:12 PM ET) -- Volkswagen AG's top U.S. executive, Michael Horn, embroiled for the past five months in a massive controversy over the company’s alleged cheating of emissions standards through software installed in its diesel vehicles, has left the company after two years as its CEO, Volkswagen said in a statement on Wednesday. Horn, [...] Read more ›

Head of VW’s U.S. Unit Is Out, Dealers Are Alarmed

12th Mar 2016 Comments Off on Head of VW’s U.S. Unit Is Out, Dealers Are Alarmed
Originally published via New York Times The head of Volkswagen’s American operations, a central figure in the carmaker’s effort to repair relations with dealers and customers after an emissions scandal, unexpectedly stepped down on Wednesday. The sudden departure of the executive, Michael Horn, adds to the strategic uncertainty for Volkswagen, particularly in the United States, where sales have been plummeting [...] Read more ›