Volkswagen expected to plead guilty to fraud

[TexasTowelie]

Source: Detroit Free Press

Volkswagen is scheduled to appear in court today to plead guilty to fraud, obstruction of justice and for misrepresenting the capability of vehicles with diesel engines it imported into the U.S.

The world's largest automaker agreed to pay $4.3 billion in fines and penalties in January but that deal still must be approved by a federal judge, and an executive representing the company is expected to appear in court.

The agreement includes a commitment to pay a $2.8-billion criminal fine and $1.5 billion to settle environmental, customs and financial violations.

If approved, it will be among the largest criminal settlements ever extracted from an automaker by the U.S. government. The deal also comes on the heels of Takata's guilty plea and agreement on Feb. 27 to pay $1 billion after pleading guilty to concealing data for more than a decade that showed its air bags could be at risk of exploding and harming passengers under certain conditions.

Read more: http://www.freep.com/story/money/cars/2017/03/09/volkswagen-emissions-scandal-plea-deal/98921320/

[redixdoragon]

1. Remembering the BP oil spill...

What are the chances this 4.3 billion comes down to about 210 million at most? And that's tax deductable.

[Brother Buzz]

5. They already pleaded it down up front

VW could have faced $17 billion to $34 billion in fines had it gone to trial.

In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offer to buy back about 500,000 polluting U.S. vehicles.

In other news, VW is making buckets of money selling their infamous dirty diesel engine in India

[Judi Lynn]

2. Glad to learn the Obama administration conducted the investigations well before the election.

http://www.freep.com/story/money/cars/2017/03/04/olivier-schmidt-volkswagen-diesel-scandal/98657976/

[melm00se]

3. is anyone actually, you know, going to jail?

[thesquanderer]

4. At least in this case, there's the argument that they're German citizens.

They would have to be extradited. A lot more complicated than jailing an American CEO or whatever. (Not that it would happen anyway.)

[MurrayDelph]

7. If corporations are people

Send Volkswagen to "jail". For x-number of months, prohibit new sales of Volkswagen.

[nitpicker]

6. Link to the DoJ PR

https://www.justice.gov/opa/pr/volkswagen-ag-pleads-guilty-connection-conspiracy-cheat-us-emissions-tests