X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Parent company VW said last week the overall impact of the diesel crisis has now reached 30 billion euros. (Photo: Patrick T. Fallon/Bloomberg) Parent company VW said last week the overall impact of the diesel crisis has now reached 30 billion euros. (Photo: Patrick T. Fallon/Bloomberg)

(Bloomberg) — Volkswagen AG’s Porsche sportscar unit agreed to pay 535 million euros ($599 million) to end a probe into rigged diesel engines, bringing the total amount of fines in its home country to more than 2.3 billion euros.

The carmaker won’t appeal the order which was levied as part of an ongoing criminal investigation targeting managers at the Porsche brand, the Stuttgart prosecutors office said in a statement on May 7. The penalty covers the sale of cars since 2009 that were equipped with V6 and V8 engines from VW’s sister brand Audi.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.