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VW reaches multi-billion dollar U.S. settlement

Wednesday, January 11, 2017 - 01:14

Volkswagen AG confirmed on Tuesday (January 10) it has negotiated a $4.3 billion (£3.5 billion) draft settlement with U.S. regulators to resolve its diesel emissions troubles and plans to plead guilty to criminal misconduct. Ryan Brooks reports.

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A multi-billion dollar fine, and a guilty plea from Volkswagen as it tries to restore its tarnished global brand. The German carmaker confirming it's reached a draft settlement in the U.S. over its 2015 diesel emissions scandal. Negotiating a 4.3 billlion dollar draft settlement with U.S regulators, and planning to plead guilty to criminal misconduct. That could come as early as Wednesday (January 11). VW says along with the fine, its diesel costs will exceed the nearly 18.2 billion euros it's set aside to handle the problem. The emissions scandal already making headlines this week, when VW executive Oliver Schmidt appeared in court in Miami. Charged with fraud and conspiracy by not disclosing a cheating device used to rig U.S. diesel emissions tests. Numerous other court cases loom - VW facing unresolved lawsuits from U.S. investors and about 20 U.S. States. The bumpy road continuing in the UK, with a law firm on the prowl for compensation for British drivers. The scandal seemingly not worrying buyers though - VW Group announcing Tuesday (January 10) record sales in 2016.

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VW reaches multi-billion dollar U.S. settlement

Wednesday, January 11, 2017 - 01:14