Volkswagen’s American finance division has agreed to pay $48.75 million to settle a lawsuit by the Securities and Exchange Commission (SEC) over alleged fraud related to diesel emissions. The lawsuit accused Volkswagen AG and its former CEO of deceiving investors in U.S. bond offerings. Although the SEC is dropping claims against Volkswagen AG and its former CEO, the settlement with Volkswagen Group of America Finance concludes significant legal action stemming from the diesel emissions scandal in the United States. This scandal cost Volkswagen over $20 billion in fines and settlements after it was revealed that the company had installed “defeat devices” and sophisticated software to cheat emissions tests.
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