Volkswagen sets aside 5.5 billion euros to deal with diesel scandal

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Volkswagen stated it has set aside 5.5 billion euros ($6.16 billion) in contingent liabilities to cover possible dangers emerging from a diesel cheating scandal, chief financial officer Frank Witter stated on Thursday. With the release of quarterly revenues on Thursday Volkswagen revealed it had set aside 1 billion euros in risk provisions to assist in […]

German prosecutors investigate bonus payments to former VW manager

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German prosecutors are probing a possible breach of fiduciary duty by Volkswagen regarding bonus payments made to an executive who was suspended following automaker’s emissions cheating scandal. German automaker was caught using software made for evading emissions tests on diesel engines. Volkswagen has argued the software was the work of a handful of engineers who […]

Volkswagen Faces Lawsuit For Selling Prototypes Unfit For The Road

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A lawsuit filed by three car purchasers last month in Federal District Court in Alexandria, Va., alleged the Volkswagen of defrauding consumers by selling early prototypes not certified for sale by regulators. The suit contends that the automaker concealed such details from dealers and customers. The case is based in part on internal emails that […]

Volkswagen’s emissions problems cost the automaker 3.6 billion euros

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Volkswagen’s effort to get its fleet of vehicles certified according to the new WLTP emissions standard have cost the automaker up to 3.6 billion euros ($4.04 billion) in last year, a source knowledgeable with the matter informed Reuters. The estimate, that was initially reported in Germany’s Der Spiegel, mentioning sources close to the works council, […]

Volkswagen seeks damages from former managers for emissions scandal

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Volkswagen is seeking damages from former managers, who were eliminated for their roles in the diesel emissions scandal that has cost the automaker more than $30 billion, the Handelsblatt newspaper reported on Thursday. Volkswagen submitted the claims for damages as part of labor court disputes at the end of 2018, the newspaper noted, without providing […]

Baden-Wuerttemberg plans to sue Volkswagen over diesel scandal

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The German state of Baden-Wuerttemberg plans to take legal action against Volkswagen over the automaker’s cheating of emissions tests, newspaper Frankfurter Allgemeine Zeitung (FAZ) noted on Monday. The federal state’s bodies, consisting of police forces, bought Volkswagen vehicles that were geared up with a device to rig diesel emissions tests and the paper quoted a […]

U.S. judge grants preliminary approval to $48 million Volkswagen investor settlement

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A U.S. judge in California has okayed preliminary approval to a $48 million settlement for investors who stated Volkswagen AG made incorrect and misleading statements about its excess diesel emissions. Lawyers for the investors, who include police and other municipal pension funds, had calculated that the highest they could have recovered was $147 million. However […]

German consumer association to present class action against Volkswagen

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Germany’s consumer protection association and auto club ADAC on Wednesday are going to present a class action against Volkswagen over the automaker’s manipulation of emissions software. The association, called vzbv, stated on Tuesday it wants to get compensation for some two million owners of Volkswagen diesel vehicles that are not that eco-friendly as the company […]

Volkswagen faces about $10.7 billion investor suit for dieselgate scandal

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Volkswagen faces a trial next week as investors look for 9.2 billion euros ($10.7 billion) in compensation arguing that the automaker should have told shareholders regarding a diesel pollution scandal before regulators did in September 2015. The lawsuit bundles 1,670 claims brought mostly by Volkswagen’s institutional shareholders who have alleged the automaker of failing to […]

U.S. monitor wants more transparency from Volkswagen concerning emissions

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Volkswagen’s external compliance monitor on Monday stated he did not agreed with some Volkswagen executives’ use of privacy and attorney client privilege rights to withhold details regarding a $27 billion global emissions cheating scandal. The German automaker was ordered by the United States Department of Justice to provide three yearly reports examining its breaches to […]

Volkswagen CEO was informed about emissions software months before scandal

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Volkswagen CEO Herbert Diess was informed about the existence of cheating software in vehicles two months before it was revealed, German magazine Der Spiegel stated. Der Spiegel’s story, based on unsealed documents recently released from the Braunschweig prosecutor’s office, raises concerns about whether the automaker informed investors in a timely manner regarding the scope of […]