Volkswagen AG is set to plead guilty on February 24th to three felony counts of a recent excess diesel emissions investigations. A plea agreement with the U.S. Justice Department was formed in a recent court filing. A $4.3 billion settlement with U.S. regulators declare that Volkswagen has agreed to sweeping reforms, audits, an investigator that will work for three years to resolve diesel emissions cheating investigations.
Volkswagen installed a software in U.S. vehicles that allowed them to emit up to 40 times the amount of legal permitted pollution. Volkswagen has agreed to change the way it operates in all countries. The Justice Department has charged the German automaker with conspiring for almost 10 years to cheat diesel emission tests. Volkswagen has agreed to pay $4.3 billion in U.S. civil and criminal fines.
Volkswagen has agreed to spend up to $22 billion within the U.S. to address claims from owners, U.S. states and dealers, regulators, and offered to buy back around 500,000 polluting vehicles.