Vw Fined One Billion Euros By German Prosecutors Over Emissions Cheating

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BERLIN – Volkswagen (VOWG_p.DE) 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 U.S. 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 U.S. anti-pollution tests.

“Following 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 toward the latter being overcome,” it said in a statement.




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