Breaking! Automotive giant pleads guilty! Will pay out BILLIONS!

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FOR IMMEDIATE RELEASE Wednesday, January 11, 2017

Volkswagen AG Agrees to Plead Guilty and Pay $4.3 Billion in Criminal and Civil
Penalties; Six Volkswagen Executives and Employees are Indicted in Connection
with Conspiracy to Cheat U.S. Emissions Tests
VW to Pay $2.8 Billion Criminal Fine in Guilty Plea and $13 Billion Settlement of Civil Environmental,
Customs and Financial Violations; Monitor to Be Appointed to Oversee the Parent Company
Volkswagen AG (VW) has agreed to plead guilty to three criminal felony counts and pay a $2.8 billion criminal penalty as a
result of the company’s long-running scheme to sell approximately 590,000 diesel vehicles in the U.S. by using a defeat
device to cheat on emissions tests mandated by the Environmental Protection Agency (EPA) and the California Air
Resources Board (CARB), and lying and obstructing justice to further the scheme, the Justice Department announced today.
In separate civil resolutions of environmental, customs and financial claims, VW has agreed to pay $1.5 billion.
This includes EPA’s claim for civil penalties against VW in connection with VW’s importation and sale of
these cars, as well as U.S. Customs and Border Protection (CBP) claims for customs fraud. In addition, the
EPA agreement requires injunctive relief to prevent future violations. The agreements also resolve alleged
violations of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).

Posted Wednesday, January 11, 2017


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