By | Steven Howard
Dieselgate: The Benchmark in Corporate Cheating Scandals
The Volkswagen diesel emissions test cheating scandal and its various offshoots have had a far-reaching impact on a wide range of parties.
This impact has been financial, environmental, political, and regulatory. The parties affected include car owners, Volkswagen’s leadership team and employees, shareholders, car dealers, government officials, regulatory agencies, the media, the automotive industry, and even the Made-in-Germany brand.
To date, Volkswagen has been assessed or agreed to over $24B in fines, penalties, and compensatory payments to car owners. One Volkswagen employee is serving an 18-month jail term in South Korea. Another is awaiting sentencing in the U.S. after a plea bargain arrangement. A third sits in a U.S. jail thousands of miles away from his home in Germany pending his own trial or plea bargain agreement. Five of their colleagues in Germany have been indicted on felony charges by a U.S. grand jury and have been warned not to leave the country