Volkswagen Agrees to $1.2 Billion Diesel Fine

June 13, 2018, 4:35 PM UTC

Volkswagen AG agreed to pay a 1 billion euro ($1.2 billion) fine imposed by German prosecutors, taking another step to move past its almost three-year-old diesel-emissions crisis.

VW assumes responsibility for its actions and accepts the fine, the German automaker said Wednesday in a regulatory filing. It said active regulatory proceedings against the company have ended, and it expects the settlement to have a positive impact on other proceedings in Europe.

“We work with vigor on dealing with our past,” VW Chief Executive Officer Herbert Diess said in a separate statement. “Further steps are necessary to gradually restore trust again in the company and the auto industry.”

VW has earmarked costs of about 26 billion euros related to rigged engine-control software in as many as 11 million diesel cars worldwide. The cheating was uncovered by U.S. authorities in September 2015 and triggered the deepest crisis in the manufacturer’s history.