Photo: AP

(Bloomberg) — Volkswagen AG was sued and accused by a Michigan retirement fund of scheming to defraud investors who paid artificially inflated prices for the company’s foreign shares while it cheating on vehicle emissions tests.

In a suit filed Friday in federal court in Alexandria, Virginia, the City of St. Clair Shores Police and Fire Retirement System alleged that holders of VW’s American depositary receipts lost hundreds of millions of dollars in the resulting scandal.

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