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Investors sue Volkswagen in Germany for more than $3.3 billion

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Staff writer ▼ | March 15, 2016
A group of 278 institutional investors from Germany and abroad is suing embattled auto giant Volkswagen for more than 3 billion euros ($3.3 billion) in damages over the emissions-cheating scandal.
Auto industry   Volkswagen "repeatedly violated capital market rules"
The lawyers, TISAB Rechtsanwaltsgesellschaft mbH, said in a statement that they had filed "the first multi-billion-euro lawsuit in Germany against Volkswagen" at a court in Brunswick, northern Germany.

They accuse the carmaker of repeatedly violating capital market disclosure rules between June 6, 2008 and September 18, 2015.

"The 278 plaintiffs are exclusively institutional investors from Germany and all over the world, including Australia, Austria, Britain, Canada, Denmark, France, Italy, Japan, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, the United States and Taiwan," the statement said.

Among them were 17 German investment funds and one of the biggest US pension funds, CalPERS.

A spokeswoman for the Brunswick court confirmed that a combined suit for 3.255 billion euros worth of damages had been lodged.