Volkswagen board expected to approve $4.3-billion plea bargain in diesel scandal

A deal is at hand, VW confirms.

By Greg Migliore
Left to right, Frank Witter, chief financial officer of Volkswagen AG, Matthias Mueller, chief executive officer of Volkswagen AG, Hans Dieter Poetsch, chairman of the supervisory board of Porsche Automobil Holding SE, attend an annual general meeting (AGM) with shareholders in Hannover, Germany, on Wednesday, June 22, 2016. Mueller sought to appease shareholder anger over the worst crisis in the carmakers history by shoring up internal controls to prevent a repeat of the diesel-emissions scandal. Photographer: Krisztian Bocsi/Bloomberg via Getty Images
Left to right, Frank Witter, chief financial officer of Volkswagen AG, Matthias Mueller, chief executive officer of Volkswagen AG, Hans Dieter Poetsch, chairman of the supervisory board of Porsche Automobil Holding SE, attend an annual general meeting (AGM) with shareholders in Hannover, Germany, on Wednesday, June 22, 2016. Mueller sought to appease shareholder anger over the worst crisis in the carmakers history by shoring up internal controls to prevent a repeat of the diesel-emissions scandal. Photographer: Krisztian Bocsi/Bloomberg via Getty Images
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Volkswagen AG is expected to approve a $4.3-billion settlement with US authorities to resolve criminal and civil investigations for its wide-ranging diesel-emissions scandal. VW’s board is expected to sign off on the deal today.


Under the settlement, Volkswagen agrees to pay the landmark fine and appoint an independent monitor to supervise the automaker’s compliance activities for three years. VW stock was buoyed by the news, rising about three percent to 151.65 euros, or $159.35 in European trading.


VW’s emissions scandal continues to linger, and one of its executives was
arrested Saturday in Florida in connection with the scandal. Despite the reveal of the I.D. Buzz concept and a long wheelbase Tiguan called the Allspace, the diesel issues remained a subplot this week at the Detroit Auto Show.


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