VW TDI EPA Recall (2.0L and 3.0L) - Page 829 - Club Touareg Forums
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Originally Posted by BenTDI View Post
I don't want to wait at all as I fear VW might go bankrupt or some crazy thing and not have pay out what they owe. I mean, where is all this money going to come from? Do they have a savings or checking account with $20 billion dollars in it? Are they taking out a loan/line of credit?

Are they too big to fail?
VW still has more then $20 billion in cash reserves and is more important to Germany then GM is to the US.

Volkswagen can take $80 bln hit before crumpling

They will not fail, aka go out of business.

The financial and political fallout should be interesting.
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Originally Posted by nickyt View Post
VW still has more then $20 billion in cash reserves and is more important to Germany then GM is to the US.

Volkswagen can take $80 bln hit before crumpling

They will not fail, aka go out of business.

The financial and political fallout should be interesting.
That is good news. Wow, $80 billion USDollars in reserves/in the bank. Now I can sort of understand why they cheated.

Thanks for that nickyt. I had no idea.
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Forbes Welcome

Volkswagen 'Has Shown Utter Contempt': U.K. Motorists Turn To Class Action

It seems Britain is increasingly getting a taste for turning to the courts in search of resolution. The first group litigation order has just been filed in claims arising out of the Volkswagen emissions scandal against VW, Audi, SEAT and Skoda. Harcus Sinclair U.K. Limited, a leading U.K. law firm specializing in large group litigation is the lead solicitor, collaborating with other law firms including Slater and Gordon.

“VW has shown utter contempt, not just for the rights and health of their U.K. consumers but also for the environment. This legal action is the best opportunity that British customers will have for holding VW to account over this scandal,” said Jacqueline Young, head of group litigation at Slater and Gordon.
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Originally Posted by BenTDI View Post
That is good news. Wow, $80 billion USDollars in reserves/in the bank. Now I can sort of understand why they cheated.

Thanks for that nickyt. I had no idea.
Additionally, they have a crapton of brands they could sell off to generate a couple $B more. They could sell off Bentley, Bugatti, and Lamborghini no problem - the Chinese would probably snap them up in a heartbeat. Might even get into a bidding war with some Emirati or Qatari prince. They could close a few plants and consolidate operations for a couple hundred million more there also.

Global sales are up 2.8% over 2015, with 12% growth in China and 7% growth in Central & Eastern Europe, even though US sales are down something like 8%. Mexico went up almost 15%. In December alone, however, VW sales worldwide were up over 16%, with US sales up almost 20%.

Say what you will, but they sell cars everywhere, and they have some seriously smart bean counters, and they know better than most that the automotive consumer has a short memory. In a decade or so when they've put Tesla out of business or relegated them to insignificance with higher-quality Porsche and Audi EVs, and some of that tech starts trickling down to VW, nobody is going to remember dieselgate.
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So at this point how long did Volkswagen execs know about the cheat before they were forced to disclose it? I thought the NY AG had found evidence of a year in advance of September 2015, but can't find the info on it now. This is particularly strange because the penalties on their newest cars are effectively much smaller than on the older cars, despite those being the ones sold after they knew they were in trouble.

(Side note: The funny thing about the last part of your post is that it doesn't matter if that happens to Tesla. They have still accomplished their mission if other manufacturers produce enough successful EVs to put Tesla out of business.)
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Executive Arrested

Volkswagen Executive Arrested.

Article in the WSJ. Sorry not enough posts for me to add the link.

A Volkswagen AG executive was arrested and charged in connection with the German auto giant’s emissions-cheating scandal, the second person publicly accused by Washington of participating in a broad conspiracy to defraud the U.S. government and Volkswagen customers, according to a complaint unsealed Monday.

The U.S. Federal Bureau of Investigation arrested the executive, Oliver Schmidt, on Saturday, and on Monday he appeared in federal court in Miami where his attorneys argued with a prosecutor about whether Mr. Schmidt posed a flight risk and should be detained.

U.S. Magistrate Judge William Turnoff decided Mr. Schmidt would remain temporarily detained without bond and scheduled another hearing for Thursday afternoon. Mr. Schmidt, who appeared in handcuffs and shackles and wearing a tan jail jumpsuit and glasses, was then led out of the courtroom.

The charges come as Volkswagen seeks to settle criminal allegations stemming from its admission in 2015 that it rigged nearly 600,000 diesel-powered cars sold in the U.S. to cheat on emissions tests. Volkswagen has agreed to pay up to $17.5 billion in the U.S. to settle claims with regulators, consumers, dealers and state attorneys general and could face another multibillion-dollar penalty in the expected criminal case.

Mr. Schmidt couldn’t be reached via email or his mobile phone for comment.

Volkswagen’s North American chief, Hinrich Woebcken, said he and other executives were “surprised” by news of Mr. Schmidt’s arrest. “We all heard about it from the media,” he said in an interview at the North American International Auto Show in Detroit Monday.

Mr. Schmidt served as head of Volkswagen Group of America’s Engineering and Environmental Office in Ann Arbor, Mich., from 2014 to early 2015. He is still an employee of Volkswagen, based in Wolfsburg, Germany.

According to the complaint, Mr. Schmidt played a central role in the decision to keep U.S. authorities in the dark about VW’s use of cheating software, a so-called defeat device, to gain certification of model-year 2016 vehicles.

Mr. Schmidt allegedly offered “technical reasons and excuses such as ‘irregularities’ or ‘abnormalities’ for the discrepancy” without revealing the software he knew was specifically designed to evade emissions tests, the complaint said.

Senior Volkswagen officials were involved in preparations for that meeting and authorized employees to hide information from regulators, the complaint said. Michael Horn, former CEO of Volkswagen Group of America, testified in a Congressional subcommittee on Oct 8, 2015, that he was told by U.S. employees in July of that year that federal and California environmental regulators wouldn’t certify the company’s 2016 vehicles because of the “emissions issue.”

According to the complaint, Mr. Schmidt then played a key role in preparing a meeting in Wolfsburg—internally known as the “damage conference”—at which VW executives discussed the defeat devices, the consequences for the company and the decision to continue misleading U.S. authorities.

Mr. Schmidt and other VW employees informed attendees that “U.S. regulators were not aware of the defeat device,” the complaint said. “Rather than advocate for disclosure of the defeat device to U.S. regulators, VW executive management authorized its continued concealment.”

The complaint also alleged that Mr. Schmidt knew of problems in 2014.

Upon learning of a study at West Virginia University that unearthed the discrepancies in March 2014, Mr. Schmidt allegedly wrote a colleague: “It should first be decided whether we are honest. If we are not honest, everything stays as it is,” according to the complaint.

In the aftermath of that study, regulators in California and at the Environmental Protection Agency “repeatedly” asked Volkswagen questions that became “increasingly more specific and detailed,” and conducted their own testing, the complaint said.

Volkswagen employees pursued a strategy of concealing the defeat device while “appearing to cooperate” and offered software and hardware “fixes,” the complaint said.

Mr. Schmidt doesn’t currently have a plea agreement with the U.S. Justice Department, one person familiar with the case said.

Mr. Schmidt’s arrest follows the indictment last year of James Liang, a veteran Volkswagen engineer who pleaded guilty to conspiring with other Volkswagen employees to defraud the U.S. through the diesel cheating. Mr. Liang hasn’t been sentenced, pending his assistance in the federal investigation. The complaint Monday describes two additional unidentified cooperating witnesses who worked in Volkswagen’s engine development department and won’t be prosecuted in the U.S.

One of the witnesses “fully briefed” Mr. Schmidt on the defeat device in preparation for a July 2015 meeting, according to the complaint. A slide prepared by Mr. Schmidt and others described possible scenarios, according to the complaint: “if the outcome was ‘negative for VW’ and there was ‘no explanation for’” the issues, “there could be an ‘Indictment?’ ” the slide read.

The cheating dates back to 2006, prosecutors said, when Volkswagen employees determined they couldn’t design a diesel engine that would meet emissions standards and attract enough U.S. customer interest. Instead, the employees designed software to cheat on the emissions tests, prosecutors said.
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Not sure how many Federal Judges named Charles Breyer are on the bench in California, but here's an interesting story.

If it's the same fellow, he's been busy!

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Here is a link to the Criminal Complaint against Oliver Schmidt. This is pretty damning evidence. http://www.autonews.com/assets/PDF/CA10854719.PDF

You can skip ahead to page 10, section 27, where things get interesting as they begin describing the origin of the defeat device with development of the EA 189 engine. In section 35, it says that Schmidt learned of the West Virginia ICCT study in an email sent to him in April 2014. He then sent an email to a colleague stating,

"It should first be decided whether we are honest. If we are not honest, everything stays as it is. ICCT has stupidly just published measurements of NAR diesel off-cycle, not good." (NAR is the North American Region.)
It would seem highly unlikely that this wasn't quickly communicated to top management in 2014. And with Schmidt cooperating with investigators to get a lighter sentence, this is ready to blow up on top management, and even the billions VW will have to pay in penalties will not save some top executives from prison.
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Originally Posted by BenTDI View Post
Funny how in one of the articles I had read that stated the judge could sign as early as this week sometime said that VW wants it done before the 20th and Trump takes office.

Great for me as I want to buy a new truck. Come on Judge Breyer, both parents have signed the divorce papers, put your ink on it already!
They need to settle the CRIMINAL portion before Jan 20th if possible. It has nothing to do with Trump himself. The issue is the people who need to approve the deal are political appointees who will be replaced by the new administration as is normally the case. If the deal is not approved by the 20th, they will have to work with a new set of people which could mean a serious setback as things get renegotiated. None of this will impact 3.0 owners as it is separate from the civil case.
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Originally Posted by Jimbuffalo2 View Post
Not sure how many Federal Judges named Charles Breyer are on the bench in California, but here's an interesting story.

If it's the same fellow, he's been busy!
Federal District Court judges handle lots of cases.

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