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VW Aims for a Deal This Year on U.S. Criminal Fine for Diesel Cheating
Volkswagen AG is hopeful it can reach a deal with the U.S. Dept. of Justice by year-end on the size of a fine to settle criminal charges related to 4-cylinder diesels it equipped with software to cheat on emission standards..
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Volkswagen AG is hopeful it can reach a deal with the U.S. Dept. of Justice by year-end on the size of a fine to settle criminal charges related to 4-cylinder diesels it equipped with software to cheat on emission standards.
Bloomberg News reported on Tuesday that the Justice Dept. aims by January to determine the largest possible fine it could impose without driving VW out of business.
CEO Matthias Mueller tells reporters at the Paris auto show VW is making progress on a separate accord about how to fix V-6 diesels that also were rigged to evade emission limits. U.S. regulators have banned the sale of about 85,000 affected vehicles for the past 12 months pending an agreement.
VW has set aside nearly €18 billion ($20 billion) to cover global costs of recalling 11 million cheater diesels sold worldwide. In June it agreed to pay as much as $16.5 billion in the U.S. just to resolve regulatory issues related to 475,000 of the engines in the U.S.
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