The US is suing Volkswagen, accusing the German carmaker of “massive fraud” over the diesel emissions scandal.
The Securities and Exchange Commission (SEC) claims the firm misled investors by issuing billions of dollars worth of bonds and securities, without disclosing that the company had cheated emissions tests.
Volkswagen’s former chief executive Martin Winterkorn is also being sued.
The firm said it would contest the SEC lawsuit vigorously.
VW first admitted in September 2015 that it had used illegal software to cheat US emissions tests. But between April 2014 and May 2015 the carmaker had sold $13bn (£10bn) of bonds and securities to US investors, at a time when executives were already aware that illegal software had been installed to manipulate emissions tests, according to the SEC’s suit.