Boston Retirement System, a public pension fund for Boston municipal employees, has filed the first bondholders class action in the U.S. District Court for the Northern District of California against German automaker, Volkswagen (“VW”), relating to the company’s emissions scandal.
Plaintiffs allege that Volkswagen, Volkswagen Group of America and Volkswagen Group of America Finance purposefully mislead the public by releasing false and misleading information, causing VW bonds to trade at artificially inflated prices. Once the now infamous VW emissions scandal became public, the bonds severely dropped in value. Plaintiffs are requesting damages for all bondholders who purchased bonds from May 23, 2014 to September 22, 2015.
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