We're coming up on three years since the Volkswagen diesel scandal came to light. It caused the German automaker to spiral downward with various fines, lawsuits, people either stepping down or being arrested, and sales tanking. By now, you would think that the pain is done and over. But you would be wrong.
Reuters reports today that prosecutors in Germany have fined Volkswagen a billion euros ($1.18 billion) over diesel emission cheating. In a statement, Volkswagen will accept the fine, therefore admitting responsibility for the cheating.
"Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome," the company said.
By accepting the fine, Volkswagen hopes "the active regulatory offence proceedings" being conducted will come to an end. It will unlikely end the various criminal cases that German prosecutors are working on against various Volkswagen executives.