This after Australia became the latest country to warn the company it could face huge fines.
VW, which sparked a global uproar when it admitted to fitting sophisticated software in certain of its diesel engines to skew emission testing, has hired US legal firm Jones Day to conduct an independent probe into the affair that has rocked the entire automobile sector.
The steering committee of VW’s supervisory board was “of the opinion that the investigations will take several months,” it said in a statement.
Given the time and personnel resources needed for the investigation, an extraordinary general meeting that was originally going to be held on November 9 is being postponed.
In addition to VW’s own investigations, regulatory and legal probes are under way all over the world to pinpoint the masterminds behind the scam, which has plunged the auto group into its deepest-ever crisis and left it facing huge fines and a possible tidal wave of litigation.
The EU is seeking to decide on “co-ordinated action” by the end of November based on the various investigations in its member states, Industry Commissioner Elzbieta Bienkowska told journalists.
In the United States alone, VW could face up to $18-billion in fines.
Full content: The Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI