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Volkswagen Group Fined $1.55 Billion For Diesel Emissions Scandal

The Braunschweig public prosecutor in Germany has issued a fine of €1 billion ($1.55) in total against Volkswagen AG – consisting of the maximum penalty as legally provided for of €5 million and the “disgorgement of economic benefits” in the amount of €995 million.

According to the findings of the investigation carried out by the Braunschweig public prosecutor, there were 10.7 million vehicles in total with the diesel engines of the types EA 288, in the United States and Canada, and EA 189, world-wide, being advertised, sold to customers, and placed on the market with an impermissible software function in the period from mid-2007 until 2015.

Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it.

Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome.

As a result of the administrative order imposing the fine, the active regulatory offence proceedings conducted against Volkswagen will be finally terminated.

Volkswagen assumes that such termination of the proceedings will also have significant positive effects on further active administrative proceedings in Europe against the Volkswagen AG and its subsidiaries.