A court in Germany has ruled that Volkswagen's main stakeholder must pay €47 million ($54 million) in damages to investors for not making a timely disclosure of its scandal over cars rigged to cheat on diesel emissions tests. The dpa news agency reported that the Stuttgart court announced the verdict yesterday against Porsche Automobil Holding SE, which holds 52 percent of the voting rights in Volkswagen. The company said it would appeal and called the claims "without merit." News of the scandal broke in September 2015, but the plaintiffs argued that Volkswagen's top management knew about the troubles earlier. Former Volkswagen CEO Martin Winterkorn exercised his legal right not to testify. The case comes in addition to investor suits against Porsche SE and Volkswagen before a court in Braunschweig, Germany. Porsche said it was "convinced that the rulings will not be sustained in a second-instance ruling."
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