Daimler sued by investors seeking $1 billion over diesel disclosure

Daimler was sued by more than 200 shareholders for as much as 900 million euros ($1 billion) over claims the parent of Mercedes-Benz luxury cars failed to properly disclose that its vehicles were fitted with technology to cheat on diesel-emissions tests.

The suits were filed in a court in Stuttgart, Germany on behalf of institutional investors including banks, investment companies, insurances and pension funds from Europe, North America, Asia and Australia, Andreas Tilp, lawyer for the plaintiffs, said in an emailed statement. He didn’t disclose their names.

A spokeswoman for the Stuttgart-based company said the cases are without merit and the company will fight them with all legal means.