Court Awards Porsche Shareholders Nearly $54 Million in Damages Over Emissions Scandal
A German court in Stuttgart has ordered Porsche SE to pay its investors for failing to provide timely information about the Volkswagen diesel emissions scandal.
Porsche SE is a holding company that owns more than 30% of Volkswagen and has 52% of the voting rights in the German automaker. The court’s award includes two payments to shareholders who held stock in Porsche SE between May 2014 and September 2015. The first award of more than $3.6 million is to a pension fund for the City of Wolverhampton in the UK. The second award of more than $50 million is to other shareholders.
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