Porsche caught in VW diesel lawsuits as investors race to file

Berlin

PORSCHE Holding SE was dragged deeper into the Volkswagen AG emissions debacle as investors raced to file German lawsuits ahead of the one-year anniversary of the scandal.

A group of institutional investors filed a pair of lawsuits, seeking 2.8 billion euros (S$4.3 billion) from VW and 2.2 billion euros from Porsche, Klaus Nieding, a lawyer for the plaintiffs, said on Friday. Shareholders say both companies should have disclosed the problems sooner. Porsche, which is also publicly traded, owns the majority of VW shares.