Lawyers Line Up To Sue Volkswagon

Since the EPA revealed a week ago that VW used software in its diesel-powered cars to cheat on emission tests, there have been 89 federal lawsuits filed against VW across the country.

Most of those suits have been on behalf of car owners who argue the value of their cars has been hurt by VW’s deception. The suits seek class action status, and could produce verdicts in the hundreds of millions of dollars. Toyota (TM) agreed to pay $1.1 billion to settle a class action suit with owners of cars that suffered from an unintended acceleration problem.

Another suit has been filed on behalf of Volkswagen’s U.S. shareholders. The automaker’s stock has lost more than 30% of its value since the EPA first alleged VW was cheating last week. VW (VLKAY) has since admitted that the software in its diesel cars allowed them to pass emission tests even though they were dumping 40 times the allowed levels of nitrogen oxide into the air when they were on the road.’

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