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Volkswagen Closes In on $4.3 Billion US Settlement in Diesel Scandal (bloomberg.com)

Posted by msmash on from the paying-up dept.

Volkswagen said it's closing in on a deal with U.S. authorities on a $4.3 billion settlement to resolve civil and criminal allegations stemming from its emissions-cheating scandal. From a report on Bloomberg: The agreement, which has yet to be finalized, would lead to a financial expense that exceeds current provisions, the German automaker said. It also includes a guilty plea to some criminal charges, strengthening compliance systems and installing an independent monitor for three years, the Wolfsburg, Germany-based automaker said Tuesday in a statement. VW's management and supervisory boards are scheduled to review the settlement today or Wednesday and may raise provisions related to the scandal, which currently total 18.2 billion euros ($19.2 billion). A final agreement also needs to be approved by U.S. courts. The U.S. Justice Department declined to comment on Volkswagen's statement.

4 of 126 comments (clear)

  1. Re:double standards by Joce640k · · Score: 4, Funny

    Only allowed when the EU targets a USA company.

    Don't look at me, I don't make the rules!

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    No sig today...
  2. Re:double standards by plague911 · · Score: 4, Informative
    Actually the EU already is after their blood money from VW.

    http://www.marketwatch.com/story/vw-faces-eu-push-for-fines-in-20-member-states-2016-09-05

    As such I doubt that anyone would consider this an unfair targeting of VW.

  3. Re:double standards by plague911 · · Score: 4, Interesting
    I am sure there are dead enders on this, but the complaints come in when one of two things happen.

    1) The EU targets a US company but the US deems their behavior acceptable

    2) The EU targets a US company but lets similar behavior by non-US companies slide.

    The former is the most common issue.

  4. Looks like GM got off easy by haruchai · · Score: 5, Insightful

    GM's penalty for the ignition switch fiasco is less than $1 billion for a deliberate defect about which the the company tried to cover up and lied about for years and killed over 100 people.
    https://www.washingtonpost.com...?

    Who did VW piss off or forget to blow?

    I'm not saying VW should pay less but I don't understand how what they did merits higher fines

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    Pain is merely failure leaving the body