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Posts Tagged ‘vw diesel buyback’

Judge Approves $2.8 bil VW Criminal Penalty

Largest criminal fine in U.S. history.

by on Apr.21, 2017

"A very serious and troubling case involving an iconic automobile company," said Judge Sean Cox.

A federal judge in Detroit Friday signed off on what could be one of the last big developments in the Volkswagen diesel emissions scandal, ordering the German maker to pay a $2.8 billion criminal penalty negotiated as part of a settlement with the U.S. Justice Department last January.

The ruling now brings to around $30 billion the costs VW will incur after being caught rigging two of its diesel engines to illegal pass U.S. emissions tests – a figure that includes the price of buying back almost 500,000 vehicles sold in the country. Meanwhile, seven current and former Volkswagen employees have been charged with crimes connected to the scandal, while an investigation continues in Germany.

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“I just can’t believe that VW is in this situation that it finds itself in today,” said Judge Sean Cox, calling it a “very serious and troubling case involving an iconic automobile company.”

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Fiat Chrysler Subpoenaed By Feds Over Diesel Emissions Allegations

VW spends nearly $3b on diesel buyback.

by on Mar.01, 2017

A Ram 1500 EcoDiesel.

The investigation of allegations Fiat Chrysler Automobiles cheated on diesel emissions is moving into high gear, the maker revealing he has received subpoenas from a variety of federal authorities.

The smallest of the Detroit automakers in January announced it was coming under investigation for allegedly rigging its diesel engines to pass tough U.S. emissions standards. FCA Chief Executive Sergio Marchionne rejected those charges during a news conference at the North American International Auto Show.

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The FCA investigation ramps up just as Volkswagen begins to wrap up its own diesel emissions scandal. Court documents released this week revealed that the German maker has so far spend $2.9 billion to buy back vehicles sold in the U.S. using a rigged, 2.0-liter turbodiesel. VW set aside $10 billion for buybacks as part of a settlement with the government announced last July.

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