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West Virginia sues VW for fraud, asks for major financial penalty

It took just four researchers, including two students, at West Virginia University doing some emissions tests eventually to engulf Volkswagen in an international scandal that has been raging for weeks. Now, the state's attorney general Patrick Morrisey has filed a formal complaint against the automaker's US branch for violating the West Virginia Consumer Credit and Protection Act. His argument alleges that VW "fraudulently manufactured, advertised, and sold" these polluting diesel vehicles as being good for the environment. If the West Virginia case is successful, VW could be on the hook for serious monetary punishment. Morrisey asks that any consumers in the state get refunds totaling the premium paid over a gasoline model, the loss in resale value, and the expected costs of lost performance from the upcoming recall repair. On top of that, the automaker would pay the state $5,000 for each violating vehicle and all of the related costs for preparing for the trial. According to the complaint's legal documents (here, as a PDF), the state's DMV currently shows 2,684, diesel 2009-2015 VW vehicles registered there. Morrisey isn't the only state attorney general to take a stern look at VW's actions, and his counterparts in at least 29 other states are investigation similar courses of action, as well. In addition, the Department of Justice and Environmental Protection Agency have their own probes underway. The final result could be very expensive for the automaker. Attorney General Patrick Morrisey Files Complaint Against Volkswagen of America, LLC 10/5/2015 CHARLESTON — Attorney General Patrick Morrisey announced today that his Office filed a complaint against Volkswagen of America, Inc. (Volkswagen), alleging the business violated the West Virginia Consumer Credit and Protection Act. The complaint alleges that Volkswagen fraudulently manufactured, advertised and sold a line of "clean diesel" vehicles with Turbo-charged Direct Injection (TDI) engines. "Volkswagen allegedly knowingly engineered certain vehicles to cheat U.S. emissions tests," Attorney General Morrisey said. "That is one reason why we have filed this complaint." A May 2014 study conducted by the Center for Alternative Fuels, Engines & Emissions at West Virginia University found elevated levels of emissions on several Volkswagen cars. Their data was then turned over to the U.S. Environmental Protection Agency (EPA) and the California Air Resources Board.

VW stock delisted from Dow Jones Sustainability Index

Because of the company's years-long diesel emissions evasions, Volkswagen AG is being removed from the Dow Jones Sustainability Indices effective October 6, according to a joint statement by S&P Dow Jones Indices LLC and RobecoSAM. After looking at reports of the automaker's cheating software, the DJSI has decided that the company shouldn't be part of the index anymore. According to The Detroit News, the DJSI is meant to track the top 10 percent of companies that are considered leaders environmentally and socially in each industry among the 2,500 largest companies in the S&P Global Broad Market Index. This de-listing means that VW is no longer considered an industry leader by this group for its economic, environmental and social performance. As of this writing, VW AG's stock price sits at 97.75 euros ($109.14), and the figure has been largely in freefall since the emissions evasions reports first surfaced. It was considered shocking on September 21 when the shares plunged almost 18 percent to end the day at 132.15 euros ($147.57). According to The Detroit News, the automaker has lost about $30.8 billion in value since the EPA put out its notice of violation on September 18. Related Video:   Volkswagen AG to be Removed from the Dow Jones Sustainability Indices New York and Zurich, September 29, 2015 Effective October 6, 2015, Volkswagen AG (VW) will be removed from the Dow Jones Sustainability Indices (DJSI). A review of VW's standing in the DJSI was prompted by the recent revelations of manipulated emissions tests. Per the published and publicly available methodology for the DJSI, potential problematic issues relating to any DJSI component company automatically trigger a Media & Stakeholder Analysis (MSA), which examines the extent of the respective company's involvement and how it manages the issue. Following the MSA, the Dow Jones Sustainability Index Committee (DJSIC) reviews the issue and decides whether the company will remain in the index, based on DJSI Guidelines. In VW's case, the DJSIC reviewed the situation and ultimately decided to remove the Company from the DJSI World, the DJSI Europe, and all other DJSI indices. The stock will be removed after the close of trading in Frankfurt on October 5, 2015, thus making the removal effective on October 6, 2015. As a result, VW will no longer be identified as an Industry Group Leader in the "Automobiles & Components" industry group.

Rimac inks deal to purchase 55% of Bugatti from VW Group

ZAGREB, Croatia — Croatian electric supercar builder Rimac is taking over the iconic French manufacturer Bugatti in a deal that is reported to be worth millions of euros. Rimac said GermanyÂ’s Volkswagen Group, including the Porsche division — which owns a majority stake in Bugatti — plans to create a new joint venture. The new company will be called Bugatti-Rimac. Rimac Automobili announced Monday that it will be combining forces with Bugatti to “create a new automotive and technological powerhouse.” Rimac has progressed in 10 years from a one-man garage startup to a successful company that produces electric supercars. Mate Rimac, who founded the company in 2009, says the venture is an “exciting moment” and calls the combination of the companies “a perfect match for each other.” Porsche will own 45% of Bugatti-Rimac while Rimac Automobili will hold the remaining 55% stake, according to Croatian media reports. Financial details of the deal were not published. Bugattis will continue to be assembled in eastern France, where the company was established in 1909. The vehicles will use engines developed and made in Croatia. “In an industry evolving at ever-increasing speed, flexibility, innovation and sustainability remain at the very core of RimacÂ’s operations," the company said. “Uniting RimacÂ’s technical expertise and lean operations with BugattiÂ’s 110-year heritage of design and engineering prowess represents a fusion of leading automotive minds." Earnings/Financials Green Bugatti Automakers Porsche Volkswagen Green Automakers Electric Supercars