SEC Defends Pace of VW Suit
July 9, 2019—The U.S. Securities and Exchange Commission (SEC) on Monday defended the pace of its investigation into Volkswagen AG after a judge asked why the agency waited two years after a global scandal related to vehicle emissions to sue the automaker, reported Reuters.
U.S. District Judge Charles Breyer in May questioned the SEC's "lateness" in suing VW two years after the fact.
The SEC filed a civil suit in March accusing Volkswagen and its former chief executive, Martin Winterkorn, of defrauding investors in U.S. bond offerings.
On Monday, the SEC disclosed details of its probe in court filings and said it held extensive settlement talks with the automaker before deciding to file suit. The SEC said it received about 2 million pages of records from VW and delayed immediately issuing formal subpoenas after VW agreed to voluntarily produce materials.