VW Diesel Scandal
U.S. buyers of polluting Volkswagen AG vehicles received more than $9.8 billion in settlements, the Federal Trade Commission (FTC) said on Monday . Volkswagen agreed to offer to buy back or repair more than 550,000 polluting diesel U.S. vehicles after it admitted in 2015 that it used secret software to cheat emissions tests. Volkswagen paid more than $9.5 billion to U.S. consumers, while VW diesel supplier Robert Bosch [ROBG.UL] paid more than $300 million to U.S. consumers.
A German court has ruled that Volkswagen must buy back cars from owners of its diesel cars equipped with software that evaded emissions testing — but consumers must accept the current value of the car based on the mileage they drove since buying it, not the purchase price. Volkswagen said the decision announced Monday would clear the way for settlement of remaining consumer claims in Germany. The decision affects some 60,000 individual claims brought by car owners there; around 262,000 others
German prosecutors said Tuesday they have charged Volkswagen's current chief executive and chairman as well as its former CEO with market manipulation in connection with the diesel emissions scandal that erupted in 2015. CEO Herbert Diess, Chairman Hans Dieter Poetsch, and former chief Martin Winterkorn are accused of deliberately informing markets too late about the huge costs to the company that would result from the scandal, prosecutors in the city of Braunschweig said. The charges, which V
The U.S. Securities and Exchange Commission (SEC) on Monday defended the pace of its investigation into Volkswagen AG after a judge asked why the agency waited two years after a global scandal related to vehicle emissions to sue the automaker. The SEC filed a civil suit in March accusing Volkswagen and its former chief executive, Martin Winterkorn, of defrauding investors in U.S. bond offerings. Volkswagen was caught using illegal software to cheat U.S. pollution tests in 2015, triggering a gl
Latest in a volley of fines over VW Group's Dieselgate scandal.
It also offers new membership plans and discounted pricing.
Scandal costs 30 billion and counting, as automaker continues EV push.
He and four others could face prison, forfeit millions of dollars.
VW, which settled with the feds and paid fines, says 'the SEC is now piling on.'
VW admitted illegal activity to regulators but didn't inform investors.
About 61 vehicles disappeared from the lot in 2017.
There are 370,000 of the models under investigation in Europe.
Since 2015, VW has paid out more than $30 billion over the scandal.
Plan would boost profit at VW brand sooner, to cushion big EV push.
Diesel scandal has so far cost more than $25b in the U.S. alone.
Audi's former CEO, meanwhile, remains in jail.