Volkswagen pleaded guilty on Friday to three felony counts as part of a $4.3 billion settlement reached with the Justice Department over diesel emissions scandal. Fred Katayama reports.
Volkswagen pleaded guilty to three felony counts in U.S. District Court in Detroit over its massive diesel emission scandal. The counts included conspiracy to commit fraud, obstruction of justice, and entry of goods by false statement charges. The guilty plea is part of a $4.3 billion settlement reached with the Justice Department in January over the scandal. The German automaker also agreed to sweeping reforms, new audits, and oversight by an independent monitor for three years. The judge set the sentencing date for April 21st. Michelle Krebs is senior analyst at Autotrader: (SOUNDBITE VIA SKYPE) MICHELLE KREBS, SENIOR ANALYST, AUTOTRADER, (ENGLISH) SAYING: "I think it's a positive in that it's one more step to get behind them. And, so, they can start to come out of this. The whole situation, of course, is very negative for the company, and it will be, you know, suffering the consequences for a long time. But they're making steps along the way to right the ship." In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers. And it has offered to buy back about 500,000 polluting U.S. vehicles.