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

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Volkswagen

Volkswagen Former CEO Told of Defeat Device Admission Weeks Before News was Public

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
February 27, 2016, 6:23 PM ET
GERMANY-US-AUTOMOBILE-VW-INDUSTRY
A Golf diesel car at a Volkswagen dealer in Berlin.Photograph by Odd Anderson — AFP/Getty Images

Volkswagen’s former chief executive Martin Winterkorn was informed that the carmaker had told regulators it was using defeat devices two weeks before the scandal became public, German tabloid Bild am Sonntag reported on Sunday.

It said it was in possession of a letter sent by an unnamed manager directly to then-CEO Winterkorn on Sept. 4 that said: “In the conversation on 03.09.2015 with the regulator CARB (California Air Resources Board), the defeat device was admitted.”

Volkswagen’s U.S. CEO Michael Horn told a U.S. House of Representatives hearing in October the company had told regulators on Sept. 3 it was using defeat devices.

A letter pointing to the then-CEO could lend weight to the cases of shareholders planning to sue Volkswagen for compensation for the plunge in its share price, saying VW should have told the public as soon as it became aware.

Study connects 60 deaths to Volkswagen diesel scandal:

The law firm acting for Winterkorn, who resigned on Sept. 23, was not immediately reachable for comment.

A Volkswagen spokesman said the company declined to comment on an ongoing investigation.

German financial watchdog Bafin is investigating whether Volkswagen breached disclosure rules when it admitted to falsifying U.S. emissions tests in September. It said last month the probe would probably take several more months.

In parallel with investigations by various authorities, Volkswagen has hired law firm Jones Day to carry out an internal probe into identifying who ordered engineers to develop and install software designed to cheat U.S. diesel-emissions tests, and who knew.

EPA asks Volkswagen to make electric cars in U.S.

The discovery of the cheating, which U.S. authorities announced on Sept. 18, unleashed one of Volkswagen’s biggest-ever scandals, leading to the resignation of several top managers and likely to cost it tens of billions of dollars.

The news wiped 17%, or more than 13 billion euros ($14.2 billion), off Volkswagen’s market value on the next trading day.

Volkswagen is expected to present the first results of its investigation in April. It has said so far it has no reason to believe that more than a few people were involved in the cheating, and not at top level.

About the Author
By Reuters
See full bioRight Arrow Button Icon

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

Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
C-Suitecreator economy
Jamie Laing thinks tomorrow’s Fortune 500 will be built by creators. He might be right 
By Sam BirchallJune 10, 2026
40 minutes ago
Geoffrey von Maltzahn and Kimberly Powell on stage at Fortune Brainstorm Tech
AITerm Sheet
AI drug discovery leaders warn U.S. health funding cuts risk falling behind global rivals
By Lily Mae LazarusJune 10, 2026
1 hour ago
The U.S. strategic petroleum reserve is so low it’s near panic levels
EnergyMarkets
The U.S. strategic petroleum reserve is so low it’s near panic levels
By Jim EdwardsJune 10, 2026
1 hour ago
Today’s top high-yield savings rates: Up to 5.00% on June 10, 2026
Personal FinanceSavings accounts
Today’s top high-yield savings rates: Up to 5.00% on June 10, 2026
By Glen Luke FlanaganJune 10, 2026
2 hours ago
Top CD rates today, June 10, 2026: Lock in up to up to 4.30%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, June 10, 2026: Lock in up to up to 4.30%
By Glen Luke FlanaganJune 10, 2026
2 hours ago
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America’s beef supply
North AmericaUSDA
A ‘MAGA Warrior’ Texas ag chief is publicly blasting the USDA over a flesh-eating pest threatening America’s beef supply
By Marco Quiroz-GutierrezJune 10, 2026
2 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
2 days ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
19 hours ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Current price of oil as of June 9, 2026
Personal Finance
Current price of oil as of June 9, 2026
By Joseph HostetlerJune 9, 2026
23 hours ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
2 days ago
Current price of silver as of Tuesday, June 9, 2026
Personal Finance
Current price of silver as of Tuesday, June 9, 2026
By Joseph HostetlerJune 9, 2026
23 hours 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.