Porsche Now Facing Lawsuits Over Volkswagen's Infamous Diesel Gate Scandal

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The Volkswagen Group's major stake holder, Porsche is now facing lawsuits over Volkswagen's Diesel Gate scandal. Investors are now filing lawsuits claiming that the carmaker did not reveal financial risks about the emission scandal that came to light about a year ago.

A spokesperson for Porsche said that 12 lawsuits have been filed against the company by Nieding + Barth, a Frankfurt-based law firm, while another lawyer, Andreas Tilp submitted three more cases. Porsche controls 52.2 percent of Volkswagen's voting shares.

The regional court where Porsche is based out of, Stuttgart has so far received 80 lawsuits targeting Porsche and Volkswagen. Porsche on the other hand, claims that the company has no involvement with Volkswagen's operating business.

Apart from facing lawsuits here, Volkswagen is facing legal issues in the United States, South Korea, and few other places, that amount to billions of dollars.

Read more on: #porsche #auto news
Story first published: Wednesday, September 14, 2016, 16:05 [IST]
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