A lawyer pushes a cart of documents in connection with the “dieselgate” scandal.
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Investors took Volkswagen to court Monday to seek compensation for the hit to the carmaker's share price from its diesel emissions scandal, with plaintiffs holding out hopes for billions of dollars in damages. Shareholders representing 1,670 claims are seeking 9.2 billion euros ($10.7 billion) in damages over the scandal, which broke in September 2015 and has cost Volkswagen 27.4 billion euros in fines so far.VW shares lost up to 37 percent of their value in the days after authorities exposed illegal levels of pollution emitted from VW diesel cars.Critical to the case, Jaede said, was the period from early 2014, when he said VW employees had learned that U.S. tests showed its diesel cars emitted far more toxic nitrogen oxide on the road than under laboratory conditions.VW's board did not see the need to brief investors before September 2015 because other carmakers had reached a settlement for emissions cheating without an EPA notice of violation and because VW was in talks about reaching a settlement, the carmaker said in a court filing.
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