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Volkswagen tipped for US$4.3bn settlement with Justice Department

Wednesday, January 11, 2017 8:53
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Investors marked shares in Volkswagen (FRA:VOW) higher as they hoped a settlement with the US authorities over diesel emission cheating might bring an end in sight to the disastrous incident.

The car company is in talks with the US Justice Department over an amount said to be around US$4.3bn.

In anticipation, shares in the car maker rose to their highest in Frankfurt since the scandal first broke in 2015.

VW’s supervisory board was meeting today to discuss the settlement.

So far the scandal has cost the company €16bn before any additional US bill, which could yet rise further as there are still lawsuits in Europe and elsewhere outstanding.

Reports today also suggested the US DoJ was also keen pursue all of the individual managers responsible for the scandal, which saw VW install cheat software on 11.000 diesel cars that enabled them to lower their emissions in a test environment.

Oliver Schmidt, the head of VW’s environmental and engineering office in Michigan, was charged this week with conspiracy to defraud.  

As part of the settlement, VW is expected to plead guilty to criminal misconduct.

The reports said the US DoJ would announce the details of the settlement later today.

Story by ProactiveInvestors


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