Volkswagen shareholders reacted calmly after news that the SEC charged the company and former CEO Martin Winterkorn with defrauding U.S. bondholders
Perhaps some shareholders thought the fall-out from the diesel-gate scandal had run its course, but the new lawsuit from the SEC raised the prospect of another big payout. The suit didn’t mention any dollar value sought as punishment.VW shares actually rose a bit – plus just under 1% - while the auto sector as measured by the Stoxx Europe 600, was up 1.
The SEC demanded permanent injunctions that VW not to do it again, and compensate bondholders’ for losses. It didn’t say how much money was involved. Volkswagen told the annual press conference earlier this week in Wolfsburg, Germany that it had earmarked a total of 29 billion euros for dieselgate compensation.
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