VW sued by big investors, including CalPERS

This is an archived article that was published on sltrib.com in 2016, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Frankfurt, Germany • Institutional investors are suing automaker Volkswagen in a German court, seeking $3.57 billion in damages over the company's diesel emissions scandal.

Attorney Andreas Tilp said Tuesday in a statement that the suit was joined by investors from 14 countries, including the U.S., Australia, Germany, Canada, the Netherlands, and the U.K. Among the plaintiffs is CalPERS, the giant pension fund for government employees in California.

Tilp has already filed a suit on behalf of individual investors, claiming Volkswagen didn't inform investors in a timely way about the troubles with diesel cars.

Volkswagen is being sued by U.S. authorities over 600,000 cars equipped with software that defeated diesel emissions tests. The company has apologized and said it will fix the cars. Some 11 million cars worldwide are affected.