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Volkswagen announces 'concrete draft of a settlement' with US for $4.3 billion over emission scandal

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NewsHubThe German automaker said the settlement, regarding certain criminal investigations and certain civil fines in connection with the Diesel issue, with the U. S. Justice Department and U. S. Customs and Border Protection could total $4.3 billion.
Part of the final agreement includes a guilty plea by the company regarding certain U. S. provisions and a “Statement of Facts” on the basis of which the fines have been made, Volkswagen said.
The German automaker faced major fines after it was caught last year cheating on American air pollution tests by the EPA. The scandal has damaged the company’s reputation and hurt its sales.
Volkswagen has repeatedly said no current or former board members were involved in the cheating. The company said it did not release information sooner because it expected to reach a negotiated settlement with U. S. regulators.

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