Volkswagen sued by pension fund over emissions scandal

An American retirement fund is suing Volkswagen for scheming to defraud investors.

By Sophia Pearson | September 28, 2015 at 08:27 AM

(Bloomberg) -- Volkswagen AG was sued and accused by a Michigan retirement fund of scheming to defraud investors who paid artificially inflated prices for the company’s foreign shares while it cheating on vehicle emissions tests.

In a suit filed Friday in federal court in Alexandria, Virginia, the City of St. Clair Shores Police and Fire Retirement System alleged that holders of VW’s American depositary receipts lost hundreds of millions of dollars in the resulting scandal.

The fund is seeking to represent other holders.

Read: Feds sue pension loan companies

Read: 10 questions employees can ask a pension fund manager

Read: Corporate, public pension plans suffer in August turmoil

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Volkswagen sued by pension fund over emissions scandal

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