Volkswagen Says It Will Contest SEC Charges 'Vigorously'

Date : 03/15/2019 @ 7:14AM
Source : Dow Jones News

Volkswagen Says It Will Contest SEC Charges 'Vigorously'

   By Max Bernhard 

Volkswagen AG (VOW.XE) said Friday that a complaint brought against the car maker and a former CEO by the SEC is "legally and factually flawed" and that it will contest the charges "vigorously."

The U.S. Securities and Exchange Commission said late Thursday that it charged Volkswagen and Martin Winterkorn with defrauding U.S. bond investors over the diesel scandal that has already cost the car maker billions of dollars.

"The SEC has brought an unprecedented complaint over securities sold only to sophisticated investors who were not harmed and received all payments of interest and principal in full and on time," Volkswagen said in a statement.

The SEC doesn't allege that any person involved in issuing the bonds knew of the diesel issue when the securities were sold, Volkswagen said. The SEC complaint "simply repeats unproven claims about Volkswagen AG's former CEO, who played no part in the sales," the car maker said.

Volkswagen admitted in 2015 to having rigged some 11 million diesel-engine vehicles globally with software that allowed them to dodge emissions testing, leading to a multibillion-dollar settlement in the U.S.

"The SEC is now piling on to try to extract more from the company," Volkswagen said in its statement.


Write to Max Bernhard at; @mxbernhard


(END) Dow Jones Newswires

March 15, 2019 02:59 ET (06:59 GMT)

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