By Max Bernhard
Volkswagen AG (VOW.XE) said Wednesday that it will pay a 1 billion euro ($1.18 billion) fine in Germany after a public prosecutor found that the company breached its monitoring duties in its diesel-emissions scandal.
The car maker said it has no plans to appeal the fine imposed by the public prosecutor in Braunschweig, Germany, and "acknowledges its responsibility."
"According to the findings of the investigation carried out by the Braunschweig public prosecutor, monitoring duties had been breached in the powertrain development department in the context of vehicle tests," Volkswagen said.
Volkswagen said proceedings should be terminated as a result of the fine. It expects the termination to have a positive impact on further investigations against it and its subsidiaries in Europe.
Write to Max Bernhard at firstname.lastname@example.org; @mxbernhard
(END) Dow Jones Newswires
June 13, 2018 12:24 ET (16:24 GMT)
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