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VW Could Face SEC Sanctions Over Diesel Cheating
Volkswagen AG says it may be sanctioned by the U.S. Securities and Exchange Commission regarding its diesel emission cheating, which was revealed in September 2015.
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Volkswagen AG says it may be sanctioned by the U.S. Securities and Exchange Commission regarding its diesel emission cheating, which was revealed in September 2015.
VW refers to the possibility on page 182 of its 2018 annual report released earlier this week. The company notes that the SEC launched an investigation into the scandal two years ago and has since cautioned that the probe could result in an “enforcement action” against VW.
The commission is mulling whether VW violated securities laws. It is focusing on the issuance of certain bonds and asset-backed securities during the period VW rigging more than half a million diesels sold in the U.S. to evade emission certification standards.
VW has since spent roughly $25 billion on U.S. fines, restitution, legal fees and vehicle buyback programs. The company also has faced multiple lawsuits from investors who claimed they should have been informed sooner about the cheating.
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