• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

1

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs

2

Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998

3

Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living

Probes and lawsuits pile up as Volkswagen starts to react

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
October 2, 2015, 12:08 PM ET
Add Fortune on Google for similar content.

France and Italy have become the latest countries to open inquiries into manipulation of emissions data by Volkswagen AG (VLKPY), adding new headaches for the German giant as it tries to get its response to the spreading scandal into gear.

French prosecutors are looking at the possibility of “aggravated deception” according to Reuters, while Italy’s antitrust body has also started a probe based on suspicions of fraud. The two new lines of investigation add to the lawsuits piling up in the U.S. against the carmaker, which has admitted installing software to mask the true level of harmful emissions made by an older generation of diesel engines. Over 11 million vehicles worldwide are affected, of which nearly 500,000 are in the U.S..

The company is already facing two criminal probes in Germany, launched by prosecutors in the home regions of its VW and Audi brands. Contrary to earlier reports, the probe launched by state prosecutors in Lower Saxony, where the company is based, is not concentrating principally on the person of Martin Winterkorn, who resigned last week as chief executive. Meanwhile in the U.S., its country head Michael Horn will go in front of a Congressional committee next week to answer questions about the scandal.

VW’s board late Thursday announced a fresh set of measures aimed at placating both the authorities and the company’s investors, including the appointment of U.S. law firm Jones Day to head an external inquiry into “all relevant matters”.

Jones Day’s inquiry, like the recall action that VW is planning, is likely to take “several months”, according to the German company.

In an olive branch to outside shareholders who have complained about the influence of the founding Porsche family over the company, VW said Julia Kuhn-Piëch, a niece of ex-chairman Ferdinand Piëch, will step down from the board.

However, there is no sign yet of the company handing over any real management or supevisory influence to outsiders. It has already appointed on company veteran, Matthias Müller, to take over from Winterkorn as CEO. On Thursday, it confirmed that Hans Dieter Pötsch, the former chief financial officer, would join the supervisory board as planned, and said “it is then intended” the Pötsch become board chairman.

The intention to promote Pötsch, a long-time company insider, is controversial. Many suspect that Pötsch, along with other members of the group’s management board, may have had knowledge of the cheating, after a week of leaks suggesting that the company received numerous warnings about the practice, including from employees, from the European Commission, and from Robert Bosch, the company that supplied the software.

On Thursday, the board also appointed Frank Witter, head of the in-house bank Volkswagen Financial Services, to the group board, in a move that underlines the importance of VFS to the group’s bottom line. VFS has traditionally been able to borrow money at ultra-low rates through the asset-backed securities market, which it then uses to offer cheap loans to its customers. It had €37 billion in bonds outstanding at the end of last year. But VFS’s credit rating is now under threat, raising the risk of a sharp rise in the group’s borrowing costs.

 

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Trump allies double down on efforts to reshape Federal Reserve
PoliticsFederal Reserve
Trump allies double down on efforts to reshape Federal Reserve
By Saleha Mohsin, Joshua Green and BloombergJuly 4, 2026
2 hours ago
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
EnergyUkraine invasion
Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
By The Associated PressJuly 4, 2026
2 hours ago
Costco CEO promises the $1.50 hot dog isn’t going away: ‘The price will not change as long as I’m around’
RetailCostco
Costco CEO promises the $1.50 hot dog isn’t going away: ‘The price will not change as long as I’m around’
By Sydney LakeJuly 4, 2026
3 hours ago
Older worker sad at laptop
SuccessGen X
A quarter of young baby boomers and Gen Xers who’ve been laid off in the last decade are still unemployed—and 11% have taken pay cuts to work
By Emma BurleighJuly 4, 2026
3 hours ago
usa
North Americahistory
Before independence, America tried — and failed — to conquer Canada
By Sarah M.S. Pearsall and The ConversationJuly 4, 2026
4 hours ago
The 1964 box set that predicted Dylan going electric — and still explains American music today
Arts & EntertainmentMusic
The 1964 box set that predicted Dylan going electric — and still explains American music today
By Ted Olson and The ConversationJuly 4, 2026
4 hours ago

Most Popular

Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
2 days ago
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
AI
Meet the Zillennials: The luckiest micro-generation in the workforce, born between 1993 and 1998
By Nick LichtenbergJuly 3, 2026
1 day ago
Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
9 hours ago
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
Economy
Economists have found an answer to slowing cognitive decline: Avoid retiring early, study finds
By Sasha RogelbergJuly 2, 2026
2 days ago
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
Success
$25 billion CEO says one-hour interviews are a waste of time—he puts candidates through six hours of tests and wants them to order wine at lunch
By Orianna Rosa RoyleJuly 3, 2026
1 day ago
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
Economy
On Wall Street, analysts increasingly don’t believe the U.S. government’s 'misleading' job numbers
By Jim EdwardsJuly 3, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.