VW loses German court bid over diesel scandal audit

MarketsAssociated Press

Germany's highest court has rejected a bid by Volkswagen for an injunction blocking the deployment of a special auditor sought by a shareholders' rights group in its diesel emissions scandal.

Last month, a court in Celle backed an independent check on events surrounding the scandal that pushed down VW shares when it erupted in 2015. The DSW shareholders' group had previously failed to get VW's regular general meeting to agree to such a review on top of an investigation already commissioned by the automaker.

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Volkswagen sought from the Federal Constitutional Court an injunction blocking the new probe while the court considers its complaint against the ruling deploying the special auditor. But the court said in a ruling released Friday that VW hadn't sufficiently proven the urgency of such a decision.