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Posts Tagged ‘VW $4.3 billion settlement’

Volkswagen Pleads Guilty to Three Felony Counts in Diesel Scandal

Judge agrees to consider motion from owners.

by on Mar.10, 2017

Volkswagen AG pleaded guilty to three felony counts in U.S. District Court in Detroit today.

This story has been updated with new information.

Volkswagen AG pleaded guilty to three felony counts in U.S. District court in Detroit as part of a $4.3 billion settlement with the Department of Justice.

The guilty pleas were a first for VW, which had never pleaded guilty to any criminal charges before — ever, according to VW officials.

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“Your honor, VW AG is pleading guilty to all three counts because it is guilty on all three counts,” said VW general counsel Manfred Doess while entering plea on the company’s behalf. He flew from Germany to Detroit for the trial. (more…)

VW Crawls Closer to Diesel Resolution with $4.3B Settlement

Any deal would preclude authorities arresting employees.

by on Jan.11, 2017

Volkswagen is inching closer to closing the books on its diesel emissions scandal with a $4.3 billion settlement.

Volkswagen AG appears to be one very expensive step closer to winding up its diesel emissions scandal case in the U.S. after agreeing to pay a $4.3 billion settlement for the impact of rigging its diesels to cheat U.S. requirements.

The proposed deal with the U.S. Justice Department and U.S. Customs and Border Protection forces VW to enter a guilty plea regarding “certain U.S. criminal-law provisions.” Also the agreement, which isn’t final yet, forces the automaker to be subject to an independent monitor for the next three years.

Diesel News!

VW officials said the settlement “is still subject to the approval by the management board and the supervisory board of Volkswagen AG.” The Justice Department declined to comment. (more…)