Volkswagen and Justice Deptarment close to $3 billion deal

Volkswagen and the United States Justice Department are close to an agreement to solve the government’s civil and criminal investigations that would need the German car manufacturer to pay a penalty of over $3 billion, sources informed.

The agreement is tentative and might top $4 billion or break down however an offer could be revealed as early as this week, stated the sources on condition of privacy due to the fact that the talks are confidential.

Volkswagen is likewise anticipated to deal with oversight by an outside monitor and accept other considerable reforms in association with its emissions scandal as part of a prospective deferred prosecution agreement or guilty plea to criminal charges, the sources stated.

Volkswagen has formerly agreed to pay up to $14.7 billion to deal with claims by U.S. owners, federal and state regulators and dealerships and confessed that it had deceived regulators for several years about illegal software.

A Volkswagen spokesperson in Germany couldn’t say much, he told that Volkswagen is talking with official.

Volkswagen and the Justice Department have held extensive talks last week focused on solving the case prior to President Barack Obama leaves office on January 20. If an offer is not reached prior to then it might substantially delay an agreement, the sources stated.