A PYMNTS Company

Germany: Porsche fined €535m by German prosecutors over emissions

By  |  May 7, 2019

German prosecutors have levied a huge fine on carmaker Porsche for dereliction of duty in the emissions-cheating scandal that has engulfed parent company Volkswagen.

German carmaker and Volkswagen (VW) subsidiary Porsche was ordered to pay a €535 million ($598 million) fine on Tuesday for its part in the “Dieselgate” scandal.

It is the latest in a host of fines against VW for the use of software to hide the true level of harmful emissions by diesel cars. The Dieselgate scandal erupted in 2015 when VW admitted to manipulating 11 million cars globally to cheat emissions tests.

Thousands of investors are suing the company over losses they suffered when news of the scandal broke. Hundreds of thousands of car owners are also demanding compensation in the US and other countries.

Full Content: Financial Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.