Volkswagen AG and its former CEO were sued by the U.S. Securities and Exchange Commission over claims they failed to disclose to investors that diesel vehicles violated emissions standards, the latest twist in a software cheating scandal that already has cost the company more than $30 billion.
The German automaker sold billions of dollars of corporate bonds and asset-backed securities in the United States from 2010 to 2015 while concealing its emissions-cheating scheme, according to the complaint filed by the regulator March 14 in San Francisco federal court. The case, also filed against ex-CEO Martin Winterkorn, could give fresh impetus to similar efforts for redress from European investors.
