As part of the plea, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years after admitting to installing secret software in 580,000 U.S. vehicles. The software has exceeded emissions testing over a six-year period and emitted up to 40 times more pollutants than is permitted by law. «Volkswagen deeply regrets the behaviour that led to the diesel crisis. The agreements we have reached with the U.S. government reflect our determination to fight faults that are contrary to all values that cost Volkswagen so much,» the company said in a statement. «Volkswagen is not the same company today as it was 18 months ago.» INVESTORS in VW`s stock took the news after the expected guilty verdict in sendienenen and sent shares in Germany slightly higher and closed down 0.3 percent at 143.70 euro. It was the first time the company has pleaded guilty in a world court, a company spokesman said, and comes as the automaker tries to get out of the car industry`s most costly scandal. As part of its plea with the DOJ, Volkswagen AG agreed to plead guilty to three counts under U.S. law.
The plea contract, subject to approval by the US Federal Court, provides for the payment of a US$2.8 billion fine and the appointment of an independent monitor for a period of three years. The monitor will assess, monitor and monitor compliance with the company`s resolution provisions, including measures to further strengthen Volkswagen`s compliance, reporting and monitoring mechanisms and implement an enhanced ethics program. DETROIT/ WASHINGTON (Reuters) – Volkswagen AG VOWG_p.DE pleaded guilty on Friday as part of a January deal with the U.S. Department of Justice over the automaker`s diesel exhaust scandal for fraud, obstruction of justice and falsification of statements. Initiatives implemented by Volkswagen in response to the diesel case include improved operating procedures and notification and control systems to ensure clear responsibilities, a more robust warning system and new, stricter standards in its emissions testing procedures. Regardless of the events leading up to the diesel case, the Volkswagen Group will do everything in its power to prevent violations of the rules and detect such violations as soon as possible. On December 20, 2016, Volkswagen agreed with environmental authorities to settle civil claims relate to some 83,000 V6 TDI 3.0L vehicles in the United States. The agreement in the form of a proposed approval decree would allow Volkswagen to recall more than 75% of the 3.0-litre V6 TDI vehicles concerned in order to bring them in line with the emission standards under which they have been certified, provided the corresponding modifications are approved by regulators. On December 22, 2016, the Volkswagen Group reached an agreement in principle with the Court-appointed Complainants Steering Committee (PSC) on the payments and benefits that eligible U.S.
customers receive in connection with a proposed transaction with 3.0-liter TDI V6 vehicles in the United States. The Court instructed the parties to submit provisional transaction authorization documents by 31 January 2017. On October 18, 2016, Volkswagen obtained provisional authorization to settle the claims of some 650 VW franchise dealers in the United States for TDI vehicles involved in the diesel case and other issues raised regarding the value of the franchise.