VW executives indicted in Germany in connection with emissions scandal

VW executives indicted in Germany in connection with emissions scandal
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Three top Volkswagen executives, including CEO Herbert Diess, are facing criminal charges of stock manipulation in connection with the car manufacturer’s diesel emissions scandal.

German prosecutors brought the charges against Diess and Chairman Hans Dieter Poetsch, saying the officials didn’t tell investors about the huge financial impact of the scandal in a timely manner, Reuters reports.

Former CEO Martin Winterkorn, who was indicted on wire fraud and conspiracy charges in 2018, was also charged in the scandal.

The automaker is currently entangled in court proceedings over its admission in 2015 that it rigged millions of diesel cars’ emission tests using illegal software in an alleged effort to skirt U.S. standards.

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Winterkorn resigned days after news of the scandal broke, telling German politicians that he didn’t know about the cheating any earlier than when Volkswagen made its admission, Reuters notes.

The scandal reportedly cost the company more than $30 billion, according to CNN.

Earlier this month, lawyers in the Volkswagen case asked a judge for $26 million in attorneys' fees and costs after the Environmental Protection Agency said the company overestimated fuel economy and underreported greenhouse emissions.