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U.S. Ponders Upper Limit to Diesel-Cheating Fine Against VW
The U.S. Dept. of Justice is calculating the maximum criminal fine it can impose on Volkswagen AG for cheating in diesel emissions without driving the carmaker out of business, sources tell Bloomberg News.
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The U.S. Dept. of Justice is calculating the maximum criminal fine it can impose on Volkswagen AG for cheating in diesel emissions without driving the carmaker out of business, sources tell Bloomberg News.
VW already has agreed to pay $15.3 billion (€13.7 billion) in civil fines in a deal with the Justice Dept. and regulatory agencies for selling 475,000 diesel-powered vehicles in the U.S. that were rigged to evade emission standards. It also will pay an additional $660 million (€592 million) in related legal fees. VW faces additional sanctions over its sale of some 85,000 vehicles equipped with larger cheater diesels.
Bloomberg says VW’s most recently reported net liquidity was €28.8 billion ($32.3 billion) at the end of June. But it notes the company has the ability to generate some $5 billion (€4.5 billion) in free cash flow and could be ordered to pay a fine over time.
Bloomberg’s sources say the Justice Dept. began in August to estimate a maximum fine and aims to reach a settlement by January.
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