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UPDATE: VW Reaches $4.3 Billion Deal to Settle U.S. Criminal Charges in Diesel Scandal
Volkswagen AG says it has negotiated a $4.3 billion (€4.1 billion) settlement covering civil and criminal charges stemming from its diesel emission cheating scandal.
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Volkswagen AG says it has negotiated a $4.3 billion (€4.1 billion) settlement covering civil and criminal charges stemming from its diesel emission cheating scandal.
VW’s supervisory and management boards are expected to approve the agreement on Wednesday. Sources tell Reuters the agreement will include a fine of about $4 billion, an admission of guilt about deceiving regulators, a pledge by VW to reform its certification procedures and some form of independent oversight of that process.
The fine would raise to about $21.5 billion the penalties and restitution payments VW has agreed to pay regulators, owners and dealers in the U.S. for rigging 475,000 cars equipped with 4-cylinder diesels to cheat on emission tests. The company is close to reaching a separate settlement covering another 80,000 of the company’s V-6 diesels for similar violations.
Neither of the new agreements will fully clear VW of the 16-month-old scandal in the U.S. Now federal prosecutors are pursuing criminal indictments against high-level managers for their role in the deception. Oliver Schmidt, VW’s head of U.S. compliance, was arrested in Florida on Monday and has been ordered to be held in custody as a flight risk.
A source tells Bloomberg News that prosecutors intend to charge other high-level, German-based VW executives in coming weeks.
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