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Volkswagen Board to Meet to Approve US Diesel Settlement: Sources

Image: Volkswagen Board to Meet to Approve US Diesel Settlement: Sources

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Tuesday, 10 Jan 2017 11:52 AM

Volkswagen AG's supervisory board is set to meet on Wednesday to approve a civil and criminal settlement with the U.S. Justice Department over the automaker's diesel emissions scandal that will include a penalty of about $4 billion, sources briefed on the matter said on Tuesday.

The deal, which is expected to include a guilty plea by the German automaker or one of its corporate entities for its conduct in misleading regulators about diesel emissions, comes as the automaker seeks to move past its "Dieselgate" scandal.

As part of a settlement VW would agree to significant reforms and face oversight by an independent monitor.

The company declined to comment.

VW admitted in September 2015 to installing secret software in hundreds of thousands of U.S. diesel cars to cheat exhaust emissions tests and make them appear cleaner than they were on the road, and that as many as 11 million vehicles could have similar software installed worldwide.

On Monday, a VW executive, the second VW employee charged by U.S. prosecutors, is accused of conspiracy to defraud the United States over the company's emissions cheating and the automaker was charged with concealing the cheating from regulators.

Volkswagen has agreed to spend up to $17.5 billion in the United States to resolve claims by U.S. regulators, owners and dealers and offered to buy back nearly 500,000 polluting vehicles.

Much of the company's senior management departed following the scandal, including Chief Executive Officer Martin Winterkorn.

VW Group said on Tuesday it had record sales in 2016 of 10.3 million vehicles, including a 12 percent jump in December. That figure should put VW ahead of Japanese rival Toyota Motor Co as the world's largest car producer by volume for the year.

© 2017 Thomson/Reuters. All rights reserved.

   
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Volkswagen AG's supervisory board is set to meet on Wednesday to approve a civil and criminal settlement with the U.S. Justice Department over the automaker's diesel emissions scandal that will include a penalty of about $4 billion, sources briefed on the matter said on...
volkswagen, vw, diesel, settlement
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Tuesday, 10 Jan 2017 11:52 AM
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