Published: Sat, April 22, 2017
Finance | By Laverne Griffith

Volkswagen to pay $2.8 billion in US diesel emission scandal

Volkswagen to pay $2.8 billion in US diesel emission scandal

U.S. District Judge Sean Cox is holding a hearing in Detroit Friday, where he is expected to sentence the world's largest automaker to three years' probation as part of a $4.3 billion settlement announced in January. "It's always the little guy".

As part of the plea agreement, VW will pay a $2.8 billion criminal penalty to the United States and fully cooperate in the government's ongoing investigation and prosecution of individuals responsible for these crimes.

The company also released a subsequent statement announcing the appointment of Larry D. Thomson as Independent Compliance Monitor under the terms of its settlements with the USA government.

A federal judge has approved a $2.8 billion criminal penalty against Volkswagen for cheating on diesel emissions tests. "This is a very serious and very troubling case involving an iconic automobile company", Cox added.

The government also said VW agreed to pay an additional $1.5 billion to settle the EPA's claim for civil penalties in connection with the importation and sale of the cars, as well as U.S. Customs and Border Protection claims for customs fraud.

The German automaker is paying $1.5 billion in civil penalties in the case and already has agreed to pay $11.2 billion to buy back or fix diesel cars in the US, and contribute another $4.7 billion to federal efforts to reduce pollution.

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A half-dozen other Volkswagen employees were also indicted in the company's emissions fraud, though a lot of them reside in Germany and are unlikely to appear in the face charges. Volkswagen offered an apology in court.

Larry Thompson, a deputy attorney general under former President George W. Bush, has been named to lead the independent monitoring team at Volkswagen, Assistant U.S. Attorney John Neal said.

"Plain and simple, it was wrong. We let people down and for that we are deeply sorry", Doess said.

USA regulators confronted VW about the software after West Virginia University researchers discovered differences in testing and real-world emissions.

"We have taken significant steps to strengthen accountability, enhance transparency and build a better company and we look forward to working closely with Mr. Thompson as we press forward with the biggest change process in Volkswagen's history", said Ms. Hiltrud Werner, Board Member of Integrity and Legal Affairs at Volkswagen AG.

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