The numbers are big — 278 investors seeking $3.61 billion — but the latest lawsuit leveled at Volkswagen is merely another drop in the penalty bucket for the embattled automaker.
As has been expected for some time, a group of institutional investors from numerous countries is seeking compensation for financial damage caused by Volkswagen’s diesel emissions scandal, Reuters is reporting.
The lawsuit was filed Monday in a Lower Saxony court — the same jurisdiction as Volkswagen’s headquarters — and alleges the automaker breached its duty under capital markets law between the time the “defeat device” was first installed in diesel models and when the scandal went public last September. (Read More…)
There’s a chance that older Volkswagen TDI models branded as pollution monsters in the ongoing diesel emissions scandal could keep rolling along the avenues and alleyways of the Golden State.
On March 8, California’s air regulator floated the idea that diesels that can’t fully be brought back into compliance with state laws might get a pass, according to Reuters.
Tod Sax, chief of the California Air Resources Board’s enforcement division, admitted that bringing every one of the state’s approximately 82,000 afflicted diesels up to code is probably not possible. (Read More…)
There’s never a dull moment at Volkswagen, and today the automaker finds itself fighting battles on so many fronts they’ll soon be wishing for General Eisenhower’s plotting table.
As the company steels itself for further
bad terrible financial news, German prosecutors have widened their probe into the diesel emissions scandal and targeted 17 Volkswagen employees.
The new headcount is a big jump from the earlier six suspects, and authorities have said they’re not done looking. So far, none hail from Volkswagen’s management board, but Klaus Ziehe, a spokesman for the state’s attorney’s office, has said that management involvement has not been ruled out. (Read More…)
Attention, racecar enthusiasts: Your Congressional representatives are looking out for you!
Normally, this phrase would be met with suspicion and outright fear, but for those fighting the Environmental Protection Agency’s proposed regulation on racecar conversions, it’s the best news they’ve had in weeks.
A bipartisan bill introduced in Congress would protect the track-only use of modified street vehicles for use in competition, a practice the EPA is seeking to prohibit. (Read More…)
New U.S. sanctions might spell the end of the glorious, glorious era of North Korean vehicle production.
That, Suzuki asks for its winnings and staggers home, automakers are being slowed down by the EPA (and it’s all Volkswagen’s fault), Audi still loves diesels (and so do you, America!), and Volvo tries to spice up its life … after the break!
Volkswagen won’t be meeting a March 24 deadline to outline a diesel fix for U.S. regulators, Automotive News reports.
Volkswagen brand chief Herbert Diess made the admission in a German newspaper on March 5, claiming it will take the embattled company months, not weeks, to work out a fix for vehicles affected by the the diesel emissions scandal.
The first rumblings of an approaching crisis reached the highest levels of Volkswagen management in May 2014, but how much knowledge then-CEO Martin Winterkorn had of the looming diesel emissions scandal is still debatable.
It’s debatable because Winterkorn should have known about the initial study that raised red flags with environmental regulators — he was presented with a memo detailing the situation — but to this day Volkswagen can’t say if he even read it.
Later, the matter was discussed in the vicinity of Winterkorn … but Volkswagen doesn’t know if his ears picked up the dialogue.
After staying relatively clean in the ongoing diesel emissions scandal that’s keeping European automakers up at night, Mercedes-Benz now finds itself the potential target of an Environmental Protection Agency investigation, Automotive News Europe reports.
The EPA’s request for information targets the nitrous oxide emissions of the company’s Bluetec diesel engines, and comes less than two weeks after a class-action lawsuit was filed by law firm Hagens Berman (of General Motors ignition switch fame).
Yes, that sound you’re hearing is executives loosening their collars in Stuttgart.
The temperature was already well above average on Friday, September 18 when the Environmental Protection Agency issued Volkswagen a steaming-hot Notice of Violation of the Clean Air Act. The seriousness and accuracy of the allegations are now well known. Emitting up to 40 times the allowable limit of nitrogen oxides is no small infraction, particularly when done with intent. And as a result, heads quickly rolled and resigned at the Volkswagen Group. The company continues to reel from the impact of its malfeasance as new penalties are imposed.
What has been going on at EPA Headquarters? Gina McCarthy was the agency’s Chief Administrator when the scandal broke. She is still in charge. Christopher Grundler has been at the EPA since 1980 and was the Director of the Office of Transportation and Air Quality (OTAQ) on that warm fall day. He too, remains at his post. Despite calls for resignations from lawmakers, such as Michael Burgess House R-TX, no senior EPA staffers are known to have been dismissed with cause related to the VW scandal.
The Environmental Protection Agency is pointing at its watch and glaring at Volkswagen.
That, an opening for the Swedes, an electric propulsion prediction, a high-end guy gets a new job, and Tesla gets targeted in Hoosierville … after the break!