Dieselgate: Volkswagen accepts £880 million fine from German court

German prosecutor hits Volkswagen with €1B Dieselgate fine

Volkswagen AG will pay a 1 billion euro ($1.2 billion) fine imposed by German prosecutors for cheating to get around diesel-emissions regulations, closing one chapter in a three-year-old crisis even as new developments arise.

The fine follows a USA plea agreement from January 2017 when VW agreed to pay $4.3bn to resolve criminal and civil penalties for installing illegal software in diesel engines to cheat strict United States anti-pollution tests. Among the country's largest-ever corporate fines, the administrative order accuses the company of failing to prevent illegal emissions software from being deployed in more than 10 million vehicles. Later, researchers were able to find the exact code that suppressed the emissions control system on 2007-2015 diesel Volkswagens, Audis, and Porsches from Volkswagen Group.

In response to the fine, Volkswagen has confirmed it will not launch an appeal but says it now considers all further proceedings against it in Europe will be settled.

Earlier this week, Reuters reported that the Munich public prosecutor's office had searched the resepctive properties of Audi CEO Rupert Stadler and one other Volkswagen board member.

Analysts at Evercore ISI said this fine would likely help end all criminal investigations against VW in Europe, but would not settle shareholder lawsuits.

Next year's iPhones might ditch the Lightning connector
A customer views the new iPhone 7 smartphone inside an Apple Inc. store in Los Angeles, California, U.S., September 16, 2016. There is also expected to be a larger iPhone X Plus with 6.5-inch screen plus an affordable iPhone X with 6.1-inch screen.

VW is far from being out of the woods.

The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on emissions cheating.

Further steps would be taken to overcome the diesel cheating scandal and to restore trust in the company, Diess said.

The new fine was not included in 28.5 billion euros of provisions that VW set aside for the diesel cheating scandal, and would hit earnings, Evercore ISI said.

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