VW Agrees to $1.2 Billion Fine as Diesel Crisis Grinds On
- Automaker still faces probes in more than 50 countries
- Expects settlement to have positive effect on European cases
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Volkswagen AG will pay a 1 billion-euro ($1.2 billion) fine imposed by German prosecutors for cheating to get around diesel-emissions regulations, closing one chapter in a three-year-old crisis even as new developments arise.
The world’s biggest automaker accepts the fine and takes responsibility for its actions, Wolfsburg, Germany-based Volkswagen said in a regulatory filing on Wednesday after markets closed. The settlement of the criminal case will have a positive impact on other proceedings in Europe, it said.