VW close to USD 4.3 billion settlement agreement with US authorities

Volkswagen has confirmed that a settlement with US authorities regarding the company’s emissions fraud scandal is within reach. VW “negotiated a concrete draft of a settlement agreement” which contains “fines with a total amount of USD 4.3 billion”, according to the company’s statement. The settlement agreement also included a “Guilty Plea” to criminal misconduct. A final conclusion of the settlement was still subject to confirmation by VW’s management and US authorities, VW explained. The news agency Reuters reported VW’s total costs in the “Dieselgate” scandal will exceed the 18.2 billion euros (USD 19.2 billion) the carmaker set aside for penalty payments. The company “will face oversight by an independent monitor over the next three years”, it added.

Read the press release in English here and the Reuters article in English here.

For background, see the CLEW factsheet Dieselgate forces VW to embrace green mobility.