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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

Audi Fined $926 Million Over Volkswagen Diesel Emissions Scandal

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Renae Reints
Renae Reints
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By
Renae Reints
Renae Reints
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October 16, 2018, 1:24 PM ET
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German prosecutors fined Audi, a Volkswagen subsidiary, €800 million ($926 million) over the automaker’s ongoing diesel emissions scandal.

Volkswagen accepted the fine Tuesday and admitted rigging software to make its vehicles appear to comply with clean air regulations, when in fact they did not. In a company statement, Volkswagen said the fine “will directly affect Volkswagen AG’s financial earnings and, as a negative special item, reduce the group earnings of Volkswagen AG accordingly.”

Volkswagen has already paid billions in fines following the 2015 reveal of the emissions scandal—dubbed “dieselgate”—and former employees have faced charges for the cover-up. In June, Audi CEO Rupert Stadler was arrested by Munich prosecutors. The investigation into Stadler and other executives is ongoing.

For nearly 10 years, Volkswagen and its subsidiaries produced diesel cars with exhaust control equipment rigged to shut off once they were tested by regulators. While car owners may have believed they were driving eco-friendly vehicles, they were actually emitting illegal levels of toxic chemicals into the air.

In this particular case, Volkswagen faced fines for the emissions of V6 and V8 diesel engines manufactured by Audi and installed in Audi, Volkswagen, and Porsche vehicles. The case also addressed EA 189 and EA 288 engines manufactured by Volkswagen and installed in Audi vehicles.

In June, Volkswagen also agreed to pay a 1 billion euro ($1.2 billion) fine imposed by German prosecutors. The emissions scandal impacted up to 11 million vehicles sold across Europe and the U.S.

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