Volkswagen sets aside 5.5 billion euros in contingent liabilities for diesel scandal

Volkswagen said it has set aside 5.5 billion euros ($6.16 billion) in contingent liabilities to cover possible risks arising from a diesel cheating scandal, chief financial officer Frank Witter said on Thursday.

With the release of quarterly earnings on Thursday VW revealed it had set aside 1 billion euros in risk provisions to help pay for the diesel emissions cheating scandal, taking the overall cost of diesel cheating to 30 billion euros.

In 2015 VW was caught using illegal engine control software to cheat U.S. pollution tests by masking excessive levels of nitrogen oxide pollution coming from its diesel cars. read more »