Mexican Media Brands
VW Details its Defense of Top Managers in Diesel Cheating Scandal
Volkswagen AG claims in a detailed court document that top executives knew nothing about the company’s diesel emission cheating before U.S. regulators revealed the scandal in 2015.
#legal #regulations
Share
Volkswagen AG claims in a detailed court document that top executives knew nothing about the company’s diesel emission cheating before U.S. regulators revealed the scandal on Sept. 18, 2015, the Financial Times reports.
VW filed the 329-page account in Germany’s Braunschweig Higher Regional Court. The court is handling a “model case” filed by Frankfurt-based Deka Investment that will be binding for all shareholder-plaintiffs who claim VW management knew about the cheating and deceived them.
VW’s defense insists the company’s leadership had previously been told only that there was a “non-compliance” issue with its diesels. VW says its leadership believed the problem would be relatively easy to fix and might result in a fine of only about $150 million (€122 million), FT says.
In fact, the company has agreed to pay some $25 billion (€20.4 billion) in fines, repairs, vehicle buybacks and environmental remediation covering roughly 555,000 diesels in the U.S. alone. The company also has taken more modest and far cheaper steps to upgrade 10.5 million of the cheater diesels sold elsewhere, including 8.5 million in Europe.
RELATED CONTENT
-
Cobots: 14 Things You Need to Know
What jobs do cobots do well? How is a cobot programmed? What’s the ROI? We asked these questions and more to four of the leading suppliers of cobots.
-
GM Seeks to Avert U.S. Plant Shutdowns Linked to Supplier Bankruptcy
General Motors Co. says it hopes to claim equipment and inventory from a bankrupt interior trim supplier to avoid being forced to idle all 19 of its U.S. assembly plants.
-
Choosing the Right Fasteners for Automotive
PennEngineering makes hundreds of different fasteners for the automotive industry with standard and custom products as well as automated assembly solutions. Discover how they’re used and how to select the right one. (Sponsored Content)
