Collusion Case Could Cost German Automakers Billions

The German auto industry could be facing fines totaling €50 billion ($58.3 billion) from European antitrust authorities investigating allegations of a long-running cartel, experts say.

With Audi, BMW, Mercedes-Benz manufacturer Daimler, Porsche and Volkswagen all being investigated on allegations they were neck-deep in a collusion deal dubbed “Das Kartell,” the resulting fines could prompt a permanent change in how German automakers work, one industry-watcher says.

If found guilty, each automaker could be fined up to 30% of worldwide revenues –  and that is just from the EU antitrust authority, the European Commission’s competition directorate general. U.S. regulators also likely will take a dim view of any cartels involving vehicles on the North American market. read more »

Volkswagen agrees to pay $69 million to settle New Jersey emissions suits

Volkswagen AG confirmed Tuesday it has agreed to pay $69 million to settle New Jersey state diesel emissions claims, one of the last major outstanding diesel legal issues the German automaker faces in the United States.

VW has previously agreed to spend more than $750 million to resolve various state environmental and consumer claims. 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 offered to buy back about 500,000 polluting U.S. vehicles. read more »