VW says will pay one-billion-euro German fine over emissions cheating

Berlin: Auto giant Volkswagen said Wednesday that it would pay a one-billion-euro fine imposed by German prosecutors over diesel emissions cheating by the company.

"The Braunschweig public prosecutor issues an administrative order against Volkswagen AG in the context of the diesel crisis and imposes a fine of EUR1 billion on Volkswagen AG", the equivalent of $1.2 billion), the company said in a statement.

"Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome."