March 27, 2018 / 2:52 PM / 6 months ago

BMW shares hit by report of U.S. lawsuit

LONDON (Reuters) - Shares in BMW (BMWG.DE) reduced gains sharply on Tuesday with traders pointing to a Bloomberg report saying the German carmaker was being sued for installing “defeat devices” in U.S. diesel cars.

FILE PHOTO: A logo of the German luxury carmaker BMW is seen during the company's annual news conference in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder/File Photo

Citing a complaint filed on Tuesday in New Jersey federal court, the report said drivers of “tens of thousands” of X5 and 335D model diesel cars built between 2009 and 2011 sued BMW and its technology supplier, alleging they installed algorithms designed to manipulate testing systems.

BMW had no immediate comment.

Its shares were last up 0.7 percent, underperforming the broader autos .SXAP index which was rising 1.2 percent.

Reporting by Helen Reid, editing by Danilo Masoni

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