Volkswagen have been sued for $3.61 Billion by 278 institutional investors German insurers and U.S. pension fund Calpers.
The lawsuit has been filed at a regional court in Braunschweig in Volkswagen's home state of Lower Saxony in Germany by law firm TISAB on behal of the investors.
The lawsuit alleges that VW neglected its duty to the capital markets between June 2008 and Sept. 18, 2015, by not informing them of the emissions crisis that was occuring.
A spokesman for VW told Reuters that the carmaker could not comment because it had not been sent the suit.
Volkswagen admitted to cheating on emissions tests by using cheating software in September 2015.