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VW Hopes to Settle U.S. Diesel Probe by Mid-January
Volkswagen AG hopes to settle the U.S. criminal investigation into its diesel cheating scandal before the country’s next president takes office on Jan. 20, Bloomberg News reports.
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Volkswagen AG hopes to settle the U.S. criminal investigation into its diesel cheating scandal before the country’s next president takes office on Jan. 20, Bloomberg News reports.
CEO Matthias Mueller tells a conference in Hamburg, Germany, that doing so would provide “certainty” and avoid reopening the year-old probe under a new government administration.
The U.S. Dept. of Justice investigation is not a part of the $15.3 billion settlement VW reached in June with the department and regulatory agencies. That agreement requires VW to compensate 475,000 owners of vehicles powered by 4-cylinder diesel engines the carmaker rigged to evade emission tests. VW also must either repair or buy back the vehicles and spend $4.7 billion on environmental remediation and the promotion of zero-emission vehicles.
The company has not yet reached a settlement covering owners of about 85,000 vehicles equipped with V-6 diesels.
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