Volkswagen Will Have to Pay $2.8Bln Over Emissions Cheating in US

Volkswagen Will Have to Pay $2.8Bln Over Emissions Cheating in US

Cox railed against corporate greed during Friday's hearing. "Plain and simple, it was wrong", he said. The penalty was ordered Friday, six weeks after the German automaker pleaded guilty to conspiracy and obstruction of justice.

Birmingham attorney Craig Hilborn asked Cox to reject the government's plea deal because it did not include any court-ordered restitution for victims and did not charge Volkswagen Group of America with a crime.

In addition to the $2.8 billion Volkswagen is being forced to pay to the USA government, they are also being required to pay $1.5 billion in a civil case, as well as spending an additional $11 billion to buy back cars and offer additional compensation. He will assess, oversee and monitor the company's compliance with the terms of its settlements for a period of three years.

As well as accepting the agreement reached between VW and the US government, Cox rejected separate calls from lawyers representing individual VW customers for restitution.

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Damages for the entire U.S. emissions scandal earlier have topped now about $26bn, including criminal and civil settlements agreed earlier this year. "We let people down and for that we are deeply sorry", Doess said. Volkswagen, which remains under investigation in Germany, has reached settlements in the US with consumers, regulators, dealers, state attorneys general and federal prosecutors.

"We have taken significant steps to strengthen accountability, enhance transparency and build a better company and we look forward to working closely with Mr. Thompson as we press forward with the biggest change process in Volkswagen's history", said Ms. Hiltrud Werner, Board Member of Integrity and Legal Affairs at Volkswagen AG.

The wide-ranging scandal, which began in 2005 as the automaker raced to develop an engine created to meet tougher US regulations, has caused a massive shakeup of the company's top executives, even though none of them have admitted to wrongdoing. Now, Piech has agreed to sell the majority of his shares to other members of the family. One executive is in custody and awaiting trial and another pleaded guilty and agreed to cooperate. "Volkswagen today is not the same company that it was 18 months ago".

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