Former VW boss to pay firm $13 million over diesel scandal
The German automaker also said it would be receiving 270 million euros ($329 million) from liability insurance against loss from the actions of directors and officers. The company said in a statement that Winterkorn “breached his duties of care” as CEO, based on an extensive investigation by a law firm commissioned by the company. Volkswagen has apologized and paid more than 31 billion euros in fines, recall costs and compensation to car owners. U.S. environmental regulators were alerted to the emissions problems in May 2014 by a study from the West Virginia University’s Center for Alternative Fuels, Engines & Emissions. Under the agreements, Rupert Stadler, former head of the Audi luxury car division, would pay 4.1 million euros, former Audi executive Stefan Knirsch 1 million euros and former Porsche executive Wolfgang Hatz 1.5 million euros.wftv.com
Former Audi chief on trial in VW diesel emissions scandal
Rupert Stadler, former CEO of German car manufacturer Audi, arrives at a district court in Munich, Germany, Wednesday, Sept. 30, 2020. Stadler stands trial in Germany over the "dieselgate" emissions scandal, five years after parent company VW admitted responsibility. (AP Photo/Matthias Schrader)FRANKFURT – The former head of Volkswagen's Audi luxury car division and three others went on trial Wednesday on charges related to the company's cheating on diesel car emissions tests. Former development executive Wolfgang Hatz and two other engineers are charged with developing 3.0 liter diesel engines for Audi, Volkswagen and Porsche that used the illegal software. The case involves 250,700 Audi vehicles, 71,600 Volkswagen vehicles, and 112,100 Porsche vehicles mostly sold on the U.S. and European markets.
Former VW boss Winterkorn faces trial on 2nd set of charges
BERLIN – A German court has ruled that former Volkswagen CEO Martin Winterkorn must face trial on a second set of charges in the company's diesel emissions scandal, this time accused of market manipulation. Thursday's announcement by the Braunschweig state court followed a decision earlier this month that he must stand trial on fraud charges. No date has been set for either set of proceedings. Winterkorn resigned from Volkswagen days after the U.S. Environmental Protection Agency announced a notice of violation on Sept. 18, 2015. The court said it sent the charges to trial unchanged.
Former VW boss Winterkorn must stand trial in diesel scandal
FRANKFURT A German court has ruled former Volkswagen CEO Martin Winterkorn must stand trial on fraud charges in connection with the company's diesel emission scandal in which it sold cars with software that let them cheat on emissions tests. It said four other defendants would face trial on charges of fraud in connection with aggravated tax evasion and illegal advertising. Winterkorn resigned from Volkswagen days after the U.S. Environmental Protection Agency announced a notice of violation on Sept. 18, 2015. The company had for years been using software that recognized when vehicles were on test stands and turned emission controls on, then turned the emission controls off during normal driving. Volkswagen paid more than 30 billion euros ($33 billion) in fines and settlements over the scandal.
German prosecutors charge 6 more in VW emissions scandal
FRANKFURT – Prosecutors in Germany have filed charges against six more individuals in connection with Volkswagen's diesel emissions scandal, bringing the total to 11. The prosecutors' statement did not name the individuals charged. Three of the accused were charged with direct offenses and the other three as accessories to the offenses, meaning they assisted or facilitated them. The prosecutors said 32 more individuals were under investigation. The company has paid more than 30 billion euros ($33 billion) in fines, settlements and recall costs.
Volkswagen CEO, chairman charged in emissions scandal
(CNN) - Volkswagen CEO Herbert Diess and the company's chairman, Hans Dieter Ptsch, were charged by German prosecutors on Tuesday with market manipulation tied to the carmaker's diesel emissions scandal. The two executives are accused of failing to disclose the huge financial risks of the diesel scandal to shareholders in a timely fashion. Martin Winterkorn, the former CEO of Volkswagen, was also charged by prosecutors. It's the latest fallout from Volkswagen's bombshell admission in 2015 that it had rigged millions of diesel cars worldwide to cheat on emissions tests, a scandal that has cost the company more than $30 billion. The-CNN-Wire & 2019 Cable News Network, Inc., a Time Warner Company.
Man who turned Volkswagen into powerhouse has died
(CNN) - Ferdinand Piech, who helped turn Volkswagen into the world's biggest carmaker before resigning ahead of one of the most tumultuous periods in the company's history, has died. Piech led the German automotive giant in various capacities for more than two decades. The grandson of legendary carmaker Ferdinand Porsche, Piech began his career at Audi and took over as CEO of Volkswagen in 1993. Piech stepped down as Volkswagen chairman in April 2015 after a failed attempt to oust CEO Martin Winterkorn, who had led the company for eight years. A holding company run by members of the the Porsche and Piech families still controls about 53% of the Volkswagen Group.
Former Audi CEO Rupert Stadler charged in diesel scandal
(CNN) - German prosecutors have charged former Audi CEO Rupert Stadler with fraud in connection with the 2015 diesel emissions scandal that rocked the Volkswagen Group. The charges relate to nearly 435,000 Audis, Porsche and Volkswagen cars destined for the U.S. and European markets. Stadler had worked for Volkswagen since 1990 before he was arrested in June 2018 in connection with the diesel scandal. The diesel scandal trashed confidence among consumers and regulators in diesel technology and cost Volkswagen more than $30 billion in recalls, legal penalties and settlements. In April, German prosecutors charged former Volkswagen chief executive Martin Winterkorn with fraud over diesel emissions.
Former Audi boss charged in the VW diesel scandal that won't die
Audi Chairman, Rupert Stadler, gazing ahead at the International Motor Show (IAA) in Frankfurt am Main, Germany, 14 September 2017. Prosecutors in Germany on Wednesday charged four former employees, including one-time Audi Chief Executive Rupert Stadler, for their role in the scandal. Others caught up in the scandal include former Volkswagen CEO Martin Winterkorn who was charged in April for his alleged role in the cover-up. The scandal originally appeared to involve just one four-cylinder diesel engine primarily used in Volkswagen-branded models. Emissions testing equipment sits in the exhaust of an Audi AG A5 diesel automobile at a garage in Bruchkoebel, Germany, July 26, 2017.cnbc.com
Can Volkswagen survive emissions scandal fallout?
There’s new fallout from the emissions cheating scandal at Volkswagen. This year, the automaker overtook Toyota as the world's largest carmaker by sales. It happened three years ahead of the company's target. But investors punished Volkswagen's stock after the company's lie about emissions data. Can Volkswagen stay on top? Ariel Investments president and CBS News financial contributor Mellody Hobson joins “CBS This Morning” to discuss the company's former CEO Martin Winterkorn and the impact of the scandal.cbsnews.com