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Posts Tagged ‘vw diesel settlement’

VW Agrees to $4.3 Bil Criminal Settlement in VW Diesel Scandal

No “rogues”; “very significant people in company” were involved.

by on Jan.11, 2017

"They obfuscated, they denied and they ultimately lied," said Attorney General Loretta Lynch.

The U.S. Justice Department and several other federal agencies have announced a $4.3 billion settlement of the criminal investigation of Volkswagen AG’s diesel emissions rigging, regulators also revealing that six executives have been indicted on charges ranging from wire fraud to conspiracy to defraud the government.

Justice officials said the investigation will continue into actions that might have been taken by other officials. The list of those involved in the scandal, they noted during a Wednesday afternoon news conference in Washington, D.C., include some “very significant people in the company,” one executive managing more than 10,000 other employees. The automaker had previously tried to downplay the situation, insisting on several occasions that only a “handful” of “rogue” workers had been involved.

Breaking News!

“It is now clear Volkswagen’s top officials knew about these activities and kept the American government and the American people in the dark,” said Andrew McCabe, deputy director of the FBI, “and they did it for years.”

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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…)

VW Strikes Deal on Bigger Diesel Engines – Will Mean Mix of Buybacks and Fixes

"We are committed to earning back trust," says VW's US chief.

by on Dec.20, 2016

Audi used the 3.0-liter turbodiesel in a number of models before the emissions scandal broke.

Volkswagen has reached a settlement with federal and state regulators involving about 80,000 diesel vehicles not covered by the $15 billion settlement the automaker agreed to last June.

While some details have yet to be released, the tentative deal that has been presented to U.S. District Judge Charles Breyer in San Francisco authorizes both buybacks and fixes for Volkswagen, Porsche and Audi models equipped with the German maker’s 3.0-liter turbodiesel. The earlier agreement covered 475,000 VW and Audi vehicles fitted with a 2.0-liter diesel engine.

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“The agreement announced by the Court today between Volkswagen and U.S. environmental regulators is another important step forward in our efforts to make things right for our customers,” said Hinrich J. Woebcken, President and CEO of Volkswagen Group of America, Inc. “

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VW, Feds Get Extension on Diesel Settlement Negotiations

Breyer notes that talks are "complicated."

by on Dec.19, 2016

Volkswagen and federal regulators received an extension their deadline to reach a settlement on VW's 3.0-liter diesel engine emissions scandal.

Volkswagen AG and Bosch GmbH got very different types of news today about the same problem: how much they’re going to pay to resolved the emission cheat scandal for VW’s diesel engines in the U.S.

U.S. District Judge Charles Breyer gave the automaker and federal regulators until Friday in what he termed a “final” extension on the deadline he set for the parties to work out a settlement on 80,000 vehicles equipped with the 3.0-liter diesel engines that failed to meet U.S. emissions standards.

News Now!

In granting the extension, Breyer noted that the discussions were complicated, but that he was optimistic they would reach a deal by Friday. The deal was supposed to be done last Friday. (more…)

VW Awaits Judge’s Ruling on 3.0-Liter Diesel Punishment

Maker expected to pay at least $200 million in fines.

by on Dec.16, 2016

Volkswagen is expected to pay at least $200 million to offset the emission violations for its 3.0-liter diesel in the U.S.

The other shoe is scheduled to drop on Volkswagen AG today as a federal judge in San Francisco is expected to rule on the proposed settlement to resolve the issues surrounding the German maker’s 3.0-liter diesel engine.

U.S. District Judge Charles Breyer is expected to issue a decision about the automaker’s plans to fix or buyback about 80,000 of the affected diesel-powered vehicles: 20,000 will be bought while the remaining 60,000 Audis and VW SUVs will be repaired.

The Last Word!

The same judge already approved a deal costing VW about $10 billion to fix or buy nearly 475,000 vehicles powered by 2.0-liter diesel engines. The overall plan involving those engines will cost VW $14.7 billion in fees, fines and other future actions in addition to the repairs and buybacks. (more…)

VW Diesel Buybacks Popular with Vehicle Owners

Automaker in talks with regulators about 3.0-liter diesels.

by on Nov.03, 2016

VW boss Herbert Diess, left, must finalize the company's economic plans for the next five years as VW works on another diesel settlement in the U.S.

Volkswagen AG appears to be at the precipice of a settlement on its 3.0-liter diesel engines that were part of its emissions scandal last year. Meanwhile owners of 2.0-liter diesels are lining up in droves to accept VW’s buyback offer from the recently completed settlement.

The buybacks are part of a $14.7 billion settlement agreement hammered out by VW and federal and state regulators in the wake of the automaker’s admission that it cheated on diesel emissions testing in the U.S. and around the world.

By the Numbers!

Sharon Nelles, the German automaker’s attorney, told U.S. District Judge Charles Breyer in San Francisco that more than 370,000 people have signed up on the settlement website and almost 200,000 of those submitted claims, describing the response as “exceptional.” (more…)

Judge Approves $14.7B VW Settlement

German maker will begin making good on offers immediately.

by on Oct.26, 2016

A federal judge approved the long-awaited $14.7 billion settlement for Volkswagen's diesel scandal.

A federal judge signed off the proposed $14.7 billion settlement for owners of Volkswagen cars with the 2.0-liter TDI diesel engines.

U.S. District Judge Charles Breyer said in his order approving the long-negotiated deal, said the settlement “in its current form is fair, adequate, and reasonable and is in the best interest of Class Members.”

Breyer noted in the order that the benefits under the order should be made immediately and the automaker committed to making that happen in a public statement about the newly approved agreement.

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“Final approval of the 2.0-liter TDI settlement is an important milestone in our journey to making things right in the United States, and we appreciate the efforts of all parties involved in this process,” said Hinrich J. Woebcken, president and CEO of Volkswagen Group of America Inc. (more…)

VW Diesel Scandal Takes Down Audi Exec, Spreads to Supplier Bosch

Audi’s top engineer suspended.

by on Sep.19, 2016

Stefan Knirsch is the latest executive to the step down as a result of the ongoing scandal.

The head of R&D for German luxury car brand Audi is the latest to fall as the investigation into parent Volkswagen AG’s diesel emissions scandal moves forward.

An outside investigation commissioned by VW found that Stefan Knirsch, who also served as an Audi board member, knew about efforts to rig diesel engines with a so-called “defeat device,” and then lied about the subterfuge under oath. His suspension, first reported by German newspaper Bild am Sonntag, comes about a week after a U.S.-based Volkswagen engineer became the first company official to plead guilty as part of an expanding investigation by the Justice Department.

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Separately, Justice investigators have begun probing the role of some Volkswagen suppliers, notably including German partsmaker Bosch, to see if they also participated in – or were at least aware of – the emissions test-rigging efforts. Bosch, is high on that list, according to a report by the Bloomberg News Service, as one of the suppliers of emissions technology, including software.

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EV Charging Companies Demanding Watchdog for Volkswagen

Companies concerned VW can tip competitive balance.

by on Aug.10, 2016

Some companies are concerned that VW's $2 billion infrastructure investment for zero-emissions vehicles could change competitive balance among EV charging companies.

Volkswagen’s about-face embracing electronic vehicles was seen by many as a move to improve the company’s image in the aftermath of the diesel emissions scandal. However, could the company benefit from the diesel scandal? EV companies are lining up to make sure it doesn’t happen.

Part of the German automaker’s $14.7 billion settlement calls for it invest $2 billion into – $1.2 billion nationwide and $800 million in California – into zero-emissions infrastructure. Much of that is likely to go into charging stations for EVs.

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However, there’s a problem: that could mean they can influence whatever chargers get installed, and that’s a big problem is your company is on the outside looking in when it comes to the selection process. (more…)

VW Q2 Earnings Hammered by Emissions Scandal

Subterfuge slams sales, as well as reputation; more hits to come.

by on Jul.28, 2016

Volkswagen AG saw its Q2 profits drop 86% compared with year-ago results.

After reporting a rosy picture for the first half of 2016, a different reality has set in for Volkswagen AG, the embattled automaker reported today that second-quarter profits fell by more than half year-over-year, largely the result of its ongoing emissions cheating scandal.

The news came just days after a federal judge in California approved a $14.7 billion settlement to resolve the rigging of 475,000 vehicles with 2.0-liter turbodiesels to illegally pass U.S. emissions tests. That expense was largely covered by money set aside against 2015 earnings. But VW still has to settle a number of other lawsuits and solve problems involving its higher-end 3.0-liter diesel.

Financial News!

After taxes, VW said it earned $1.2 billion euros, or $1.32 billion between April and June, down from 2.7 billion euros the year before. On an operating basis, the figure many analysts prefer to focus on, the impact was less severe, though down 12%, nonetheless, at 808 million euros, or $895.5 million, compared with 914 million euros during the period a year ago. (more…)