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Senators want civil, criminal actions against VW

With the Department of Justice just beginning its investigation into Volkswagen's emissions evading diesels, Senators Richard Blumenthal and Amy Klobuchar are pushing for the automaker to be prosecuted to the fullest extent of the law both civilly and criminally. In a letter to Attorney General Loretta Lynch, they press the agency to make its scrutiny "thorough but expeditious." The politicians allege that VW misled people while pumping huge amounts of pollution into the air. The Senators believe that all the information about VW's actions needs to make it to the public eye, and the DOJ must have a strong response to the automaker breaking the law. "Officials at Volkswagen should be granted no get out of jail free card, and the Department should accept no plea agreement with Volkswagen that does not ensure any and all information regarding criminal acts by high level officials is provided to the Department," they write. Senator Blumenthal is no stranger for championing changes in the auto industry as of late. He was an advocate for the General Motors Ignition Switch Compensation Fund and pushed for a similar organization for Takata airbag victims. He has also been a staunch supporter for greater automotive cyber security. Blumenthal, Klobuchar: Department of Justice Should Take Strong Civil and Criminal Actions Against Volkswagen for Any Violations Monday, September 28, 2015 Condemns Volkswagen's actions that misled hundreds of thousands of consumers and resulted in tens of thousands of tons of additional pollution emissions Calls for thorough but expeditious investigation (Washingtion, DC) – U.S. Senator Richard Blumenthal (D-CT) and U.S Senator Amy Klobuchar (D-MN) today urged the U.S. Department of Justice (DOJ) to take strong civil and criminal actions against Volkswagen for any violations following the German carmaker's actions that misled hundreds of thousands of American consumers and resulted in tens of thousands of tons of additional pollution emissions. In a letter to Attorney General Loretta Lynch, the senators called for a "thorough but expeditious" investigation. "Officials at Volkswagen should be granted no get out of jail free card, and the Department should accept no plea agreement with Volkswagen that does not ensure any and all information regarding criminal acts by high level officials is provided to the Department," wrote Blumenthal and Klobuchar. "The U.S.

German authorities claim 2.8 million VW diesels evaded testing

While Volkswagen admits that there are 11 million diesel vehicles around the world that may be able to evade emissions testing, investigations by government authorities are starting to provide a glimpse of where some of those actually are. According to German Transport Minister Alexander Dobrindt, there are 2.8 million VWs in the country with the tech to cheat environmental rules, Reuters reports. In the US, at least 482,000 cars are believed to be affected. German regulators claim not knowing about the automaker's emissions testing evasions until quite recently, and Dobrindt didn't begin a fact-finding mission into the situation until just this week. Environmental agencies around the world have also begun their own inquiries into the scandal, including in Canada, South Korea, and many countries in Europe. In the US, where the story originally broke, the Department of Justice has started a criminal investigation into VW, and a maximum fine from the Environmental Protection Agency could tally $18 billion. The automaker has responded so far by setting aside about $7.3 billion to fix the affected models. CEO Martin Winterkorn is also already gone, and Porsche boss Matthias Muller is taking the top spot. The company's next moves still aren't clear, though. "VW needs to be very open about what has happened, how it was possible that this could happen to make sure that this never happens again in the future," an anonymous, top shareholder in the company said to Reuters.

Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.