German judges on Wednesday ordered Volkswagen’s (VW) largest shareholder, holding company Porsche SE, to pay damages to some of its own investors over its handling of VW’s “dieselgate” emissions scandal. A Stuttgart court awarded shareholders in two cases a total of €47m, saying that Porsche failed to inform investors in a timely way about software to cheat emissions tests built into millions of VW cars. The 2015 revelation sent the value of the manufacturer’s stock plunging more than 40% and Porsches 30% in the following days. In a 130-page judgment, the court said a note sent to VW CEO Martin Winterkorn in May 2014 — more than a year before “dieselgate” became public — should have prompted the companies to inform markets of the financial risks linked to the cheating software. Holding company Porsche SE, separate from sports car-building VW subsidiary Porsche AG, is mainly owned by descendants of VW Beetle inventor Ferdinand Porsche. It holds a controlling stake in VW. In a stateme...

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