X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Bosch confirmed the settlement and said 2 million euros of the fine are for the alleged regulatory offense and 88 million euros for the disgorgement of economic benefits. (Photo: Oliver Bunic/Bloomberg) Bosch confirmed the settlement and said 2 million euros of the fine are for the alleged regulatory offense and 88 million euros for the disgorgement of economic benefits. (Photo: Oliver Bunic/Bloomberg)

(Bloomberg) — Robert Bosch GmbH agreed to pay 90 million euros ($100 million) to end a probe by German prosecutors into rigged diesel engines, following much more costly settlements by its customer Volkswagen AG.

Bosch is being fined for “negligent breach of supervision duties,” the prosecutor’s office in Stuttgart said Thursday in an emailed statement. The company supplied about 17 million engine-control devices to German and international automakers since 2008 that partly included illegal software functions, according to the statement.

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.