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US regulator sues Volkswagen and former leader Wintercorn

Three and a half years after the outbreak of a diesel scandal with a German Volkswagen vehicle manufacturer, the US regulator filed a lawsuit against the company and its former boss Martin Wintercorn. Volkswag's subsidiaries are expected to violate data protection regulations when issuing bonds.

The Securities and Exchange Commission (SEC), an independent US government agency, sues Volkswagen, two of its subsidiaries and Martina Wintercornmislead investors by publishing a number of misleading claims about the environmental impact of their clean diesel vehicles. This trial comes three and a half years after the outbreak of the diesel engine scandal.

According to the Volkswagen Commission, from April 2014 to May 2015, it issued more than $ 13 billion of US-backed asset-backed securities and securities, despite the company's leaders knowing that half a million vehicles in the USexceeds the legal discharge limits".

In 2015, tests carried out by the US Environmental Inspector showed that Volkswagen was cheating on vehicle release tests by incorporating unauthorized software to allow them to know when emissions were monitored and nitric oxide levels were lowered below.

Winterkorn claimed he didn't know about cheating the exhaust test.PHOTO: AP

This meant that many vehicles sold by Volkswagen significantly pollute the environment, as the company claims. With this, Volkswagen, according to the SEC, has exposed its US investors to unacceptable risks.

American regulator accusations are rejected at Volkswagen. As they say, bonds were only sold to educated professional institutional investors. "These large investors were not harmed in any way"a spokesman for Volkswagen said. He also had a lot of work with the current CEO of the company when he suffered a severe Nazi laps."

Shortly after the outbreak of the scandal, Winterkorn resigned from his position, but he always denied knowing he was cheating on the exhaust gas tests.

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