Volkswagen Will Likely Spend $4.3 Billion to Make U.S. Criminal Charges Go Away
Last summer, Volkswagen agreed to spend nearly $15 billion to settle its case with the Environmental Protection Agency over the emissions-cheating software it installed on its diesel models. But it still had criminal charges to deal with, too. Now, it appears an agreement is about to be reached.
Bloomberg reports that Volkswagen is close to a deal to settle these criminal charges, with the fine likely to be around $4.3 billion. If so, that would push the total cost of the diesel scandal close to $20 billion. And while the agreement isn't yet final, the total expense would reportedly be more than VW currently has set aside to handle its case.
The agreement is said to require the automaker to plea guilty to several criminal charges, improve its compliance systems, and agree to independent monitoring for the next three years. If all goes smoothly, Volkswagen will approve the deal by Wednesday. Then, the U.S. Justice Department has to sign off.
This announcement comes only two days after U.S. authorities arrested Oliver Schmidt, the Volkswagen executive who oversaw regulatory compliance office in the States.
You Might Also Like
