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 had asked why the agency waited two years after a global scandal related to vehicle emissions to sue the automaker.
U.S. District Judge Charles Breyer in May had questioned the SEC’s “lateness” in suing VW more than two years after the German automaker settled the U.S. Justice Department’s criminal probe, pleading guilty to three felonies and paying $4.3 billion in penalties. The SEC said it received about 2 million pages of records from VW and delayed immediately issuing formal subpoenas after VW agreed to voluntarily produce materials.
The SEC said former Volkswagen of America CEO Michael Horn refused to be interviewed by the SEC even after it told his lawyers in September 2017 the U.S. Justice Department would be willing to offer Horn safe passage.Shank said the SEC held settlement talks over several months and gave VW and Winterkorn’s lawyers an opportunity to argue why the SEC should not file suit.
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