Securities and Exchange Commission v. Volkswagen Aktiengesellschaft, et al., No. 19-cv-1391 (N.D. Cal. )

On March 4, 2019, the Commission filed a complaint against Volkswagen Aktiengesellschaft; its former chief executive officer, Martin Winterkorn; and two of its subsidiaries, Volkswagen Group of America Finance, LLC, and VW Credit, Inc. The Commission charged the defendants with defrauding U.S. investors, raising billions of dollars through the corporate bond and fixed income markets while making a series of deceptive claims about the environmental impact of the company's "clean diesel" fleet. The complaint alleges that Volkswagen made false and misleading statements to investors and underwriters about vehicle quality, environmental compliance, and VW's financial standing. By concealing the emissions scheme, Volkswagen reaped hundreds of millions of dollars in benefit by issuing the securities at more attractive rates for the company, according to the complaint. See Complaint. On September 4, 2020, the Commission filed an amended complaint, including all of the prior defendants except for VW Credit, Inc. See Amended Complaint.

On April 3, 2024, the Securities and Exchange Commission obtained final judgment by consent against defendant Volkswagen Group of America Finance, LLC pursuant to which the Court ordered the defendant to pay $34.35 million in disgorgement and $14.4 million in prejudgment interest. See Final Judgment. Following the entry of the final judgment, the SEC dismissed its outstanding claims against the remaining defendants.

Volkswagen Group of America Finance, LLC has paid in full and the payment resides in an interest-bearing account at the U.S. Treasury.

On October 16, 2024, the Commission filed a Motion for an Order Appointing a Tax Administrator and a Distribution Agent and Authorizing the Commission to Approve and Arrange Payment of the Tax Obligations of the Distribution Fund, and Administrative Fees and Expenses, Without Further Court Order.  See Motion Papers.

On October 31, 2024, the Court entered an order that appointed Heffler, Radetich & Saitta, LLP as the Tax Administrator to fulfill the tax obligations of the Distribution Fund. Simultaneously, the Court appointed KCC Class Action Services, LLC as the Distribution Agent to oversee the administration and distribution of the Distribution Fund to harmed investors.

For more information please contact the Distribution Agent:

Email and web: info@VWFairFund.com
                             www.VWFairFund.com

Toll Free Number:    1-888-830-4646

Physical Address:  

VW Fair Fund 
PO Box 301170
Los Angeles