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U.S. judge urges VW, SEC to resolve civil Dieselgate suit


Added 08-16-19 03:10:02pm EST - “A federal judge in California on Friday urged the U.S. Securities and Exchange C...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “U.S. judge urges VW, SEC to resolve civil Dieselgate suit”. Below is an excerpt from the article.

WASHINGTON (Reuters) - A federal judge in California on Friday urged the U.S. Securities and Exchange Commission and Volkswagen AG (VOWG_p.DE) to resolve a civil suit stemming from its Dieselgate emissions scandal.

U.S. District Judge Charles Breyer in San Francisco, who earlier had questioned why the agency waited two years to sue the automaker, said he was putting the suit on hold until Oct. 4.

“I want you to spend the next month or so seeing if you can resolve this case,” Breyer said, adding he was temporarily halting the case and ordering both sides “to sit down and see if you can work it out because whatever you work out today would be less expensive to everybody than what you would work out in the future.”

The SEC filed a civil suit in March accusing Volkswagen and its former chief executive, Martin Winterkorn, of defrauding investors in U.S. bond offerings.

Volkswagen was caught using illegal software to cheat U.S. pollution tests in 2015, triggering a global backlash against diesel vehicles that has so far cost it 30 billion euros ($33.3 billion) in fines, penalties and buyback costs worldwide. In May, it set aside an additional 5.5 billion euros in contingent liabilities.

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