VW ordered to pay $2.8bn over emissions scandal

Company News | Business 4/21/2017, 4:43 PM
VW ordered to pay $2.8bn over emissions scandal

A federal judge in Detroit ordered Volkswagen AG to pay a criminal penalty of $2.8 billion in the United States after the company admitted it cheated on emissions tests, the Associated Press reported on Friday.

The ruling comes six weeks after the automaker agreed with the US Department of Justice to pay the aforementioned sum as it admitted it was guilty of conspiracy and obstruction of justice. Volkswagen's attorney Jason Weinsten called the fine "appropriate and serious sanction" for using emissions test cheating software on almost 600,000 diesel cars in the country.

Last year, the German carmaker agreed to settle for $14.7 billion in the US including setting aside $10 billion to buy back the affected vehicles.

Volkswagen's shares declined 0.31% at 5:01 pm CET.

TeleTrader Newsroom / NP