Home » Industry News » Volkswagen Pleads Guilty, Agrees to Pay $4.3 Billion in Penalties for Emissions Cheating Scandal
Volkswagen Pleads Guilty, Agrees to Pay $4.3 Billion in Penalties for Emissions Cheating Scandal

Volkswagen Pleads Guilty, Agrees to Pay $4.3 Billion in Penalties for Emissions Cheating Scandal

 Source:Bloomberg | Publication date: Jan 11, 2017 | Author(s):Tom Schoenberg , Christoph Rauwald and David McLaughlin

Volkswagen AG has agreed to plead guilty and pay $4.3 billion in penalties on charges of falsifying import documents and obstructing investigations as part of its diesel emissions scandal. Prosecutors also indicated that they would indict five senior company executives in Germany under charges of conspiracy.

The Wolfsburg-based automaker has been working to resolve outstanding lawsuits and investigations so that it can focus on restoring its reputation with consumers and dealers. To date, the company has committed over $23 billion towards settlements in the U.S. and Canada.

A total of seven people have been charged in connection with the scandal, including Heinz-Jakob Neusser, head of engine development and a member of the management board for the Volkswagen marque. This past weekend, Oliver Schmidt, the company’s liaison with U.S. environmental regulators was arrested as he was returning to Germany following a vacation in Miami.

The U.S. government and Volkswagen officials have been attempting to come to terms on settlements prior to when President-elect Donald Trump takes office on January 20.

Read full article at: Bloomberg »





 
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  1. FenwickHockey65
    JBsC6
    Vw should have told America to pound sand and closed up shop in America...

    Vw should have spent the coin hiring lawyers to keep Audi and Porsche Lamborghini as separate entities...

    I think American environmentalist have gone overboard with the vw punishments...

    Jmo


    I agree with the first part, simply because VW is a worthless brand here at this point.

    I don't agree with the last point. If everyone else has to play by the rules (and does), VW should too.
    Andrew_L
    how long will those deep pockets of VW last?
    JBsC6
    Vw should have told America to pound sand and closed up shop in America...

    Vw should have spent the coin hiring lawyers to keep Audi and Porsche Lamborghini as separate entities...

    I think American environmentalist have gone overboard with the vw punishments...

    Jmo
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