Volkswagen was fined 1 billion euros ($1.18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by\u2026<\/b>
\nVolkswagen was fined 1 billion euros ($1.18 billion) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company, public prosecutors said on Wednesday.
The German fine follows a US plea agreement from January 2017 when VW agreed to pay $4.3 billion to resolve criminal and civil penalties for installing illegal software in diesel engines to cheat strict US anti-pollution tests.
\u201cFollowing thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome,\u201d it said in a statement.
The fine is the latest blow to Germany\u2019s auto industry, which cannot seem to catch a break from the diesel emissions crisis. Germany\u2019s government on Monday ordered Daimler to recall nearly 240,000 cars fitted with illicit emissions-control devices, part of a total of 774,000 models affected in Europe as a whole.
Munich prosecutors this week widened an emissions cheating probe into VW\u2019s luxury brand Audi to include Chief Executive Rupert Stadler among the suspects accused of fraud and false advertising.
The prosecutor\u2019s office in Braunschweig imposed the fine against VW on Wednesday for organizational deficiencies which failed to prevent \u201cimpermissible software functions\u201d from being installed in 10.7 million cars between 2007 and 2015.
The fine did not address any civil claims or claims by vehicle owners, the prosecutor\u2019s office said in its statement. It does, however, end regulatory offense proceedings against Volkswagen, which the Wolfsburg-based carmaker said would help to settle further administrative proceedings against VW in Europe.<\/p>\n

\n

Similarity rank: 19<\/div>\n

Sentiment rank: -0.1<\/div>\n

<\/div>\n

TW posts: 5<\/div>\n

TW reposts: 0<\/div>\n

TW likes: 0<\/div>\n

TW sentiment: -10<\/div>\n<\/div>\n