VW US finance unit to pay $48.75 million to resolve SEC diesel suit-March 2024-www.financetom.com

VW US finance unit to pay $48.75 million to resolve SEC diesel suit

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VW US finance unit to pay $48.75 million to resolve SEC diesel suit

Mar 15, 2024 7:03 AM

WASHINGTON, March 15 (Reuters) - Volkswagen Group of

America's wholly owned finance unit has agreed to pay $48.75

million to resolve a government lawsuit that accused the German

automaker and its former CEO of defrauding investors in U.S.

bond offerings.

The Securities and Exchange Commission filed a civil lawsuit

in March 2019 accusing Volkswagen AG, two

subsidiaries and former chief executive Martin Winterkorn of

defrauding investors. The SEC is dismissing claims against

Volkswagen AG and Winterkorn.

The settlement with Volkswagen Group of America Finance

filed Friday marks the last significant legal action related to

the diesel emissions scandal in the United States that cost the

German automaker more than $20 billion in fines, penalties and

settlements after it admitted it had cheated emissions tests by

installing so-called "defeat devices" and sophisticated

software.

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