BERLIN: German carmaker Volkswagen has negotiated a $4.3 billion draft deal with US authorities to resolve the so-called defeat device emissions scandal, according to a company statement.
The settlement involves pleading guilty to certain civil and criminal charges, as Volkswagen is seeking to restore its tainted global brand. The company said that because of the fine the costs would exceed the $19 billion the manufacturer set aside to settle the matter.
The draft settlement with the US Department of Justice and US Customs and Border Protection includes the appointment of an independent monitor to observe the company’s compliance and control measures for three years.
“A final conclusion of the settlement agreement is further subject to the execution by the competent US authorities and the approval of the competent US courts,” the company said.
Volkswagen agreed to pay $15.3 billion after admitting it cheated on US diesel emissions tests for years with up to 500,000 vehicles to be bought back. Over 11 million cars worldwide were equipped with the software.
The German carmaker also faces an investor lawsuit and criminal probe at home.
