Volkswagen to pay $2.8 billion in US diesel emission scandal

VW faces sentencing in emissions scandal

The U.S. Justice Department has charged seven current and former VW executives with crimes related to the scandal.

Volkswagen, now the world's largest automaker, could have been fined anywhere from $17 billion to $34 billion under US law but was said to be cooperative, engaged - save for a few executives and workers who obstructed the investigation - and actively correcting its corporate culture.

On March 10, the manufacturer pleaded guilty in the USA court in Detroit admitting that almost 600,000 of its diesel cars in the United States were programmed to cheat the emissions tests.

During the sentencing hearing, the court accepted the parties' plea agreement, which requires VW to pay a $2.8 billion penalty stemming from the company's decade-long scheme to sell diesel vehicles containing software created to cheat us emissions tests.

In the world of lawsuits and settlements, this is a significant payout by the German automaker and a major warning to other manufacturers.

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"This is a case of deliberate, massive fraud perpetrated by VW management", Cox said.

In his ruling on Friday, Judge Cox said, "I can't believe the VW is in this situation that it finds itself in today". By imposing the fine, and accepting Volkswagen's agreement to be overseen by a federal monitor, the judge accepted the deal between the government and the company.

"This conduct was not consistent with the values of this company and plain and simple it was wrong".

Neal argued that 95% of those who owned Volkswagen's with affected diesel engines are participating in the civil settlement that allows owners to either sell their vehicle back to the company or terminate their lease without an early termination penalty. Oliver Schmidt, a German national and former VW executive once responsible for the company's compliance with US emissions regulations, was arraigned on criminal charges earlier this year. Volkswagen, which remains under investigation in Germany, has reached settlements in the US with consumers, regulators, dealers, state attorneys general and federal prosecutors. "Volkswagen has been punished for its scheme to defeat US environmental standards and cheat USA consumers". Judge Cox denied a recent bail request from Mr. Schmidt, who remains imprisoned in MI until he faces trial early next year.

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