The U.S. Securities and Exchange Commission (SEC) on Monday defended the pace of...
WASHINGTON - The U.S. Securities and Exchange Commission on Monday defended the pace of its investigation into Volkswagen AG after a judge asked why the agency waited two years after a global scandal related to vehicle emissions to sue the automaker.
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 in fines, penalties and buyback costs. In May, it set aside an additional 5.5 billion euros in contingent liabilities. On Monday, the SEC disclosed details of its probe in court filings and said it held extensive settlement talks with the automaker before deciding to file suit.
The agency added that its challenges “included long delays by VW in producing documents and other information,” and “uncooperative witnesses who were reluctant or altogether refused to speak to the staff.” VW noted that the filing said SEC staff did not begin to investigate VW bond sales until 2017 “even though private bondholders had sued Volkswagen over those bonds in June 2016. Volkswagen has never missed an interest or principal payment for any of its bonds, which always remained investment grade.”
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