Volkswagen Near $4.3 Billion Settlement, Guilty Plea in Emissions Scandal

Company management is set to approve the deal today or tomorrow, VW said.

Today’s announcement comes on the heels of the arrest of Volkswagen emissions executive Oliver Schmidt this weekend. According to a criminal complaint unsealed yesterday, Schmidt allegedly conspired with other Volkswagen employees to defraud the federal government — and American consumers — by concealing the installation of a device designed to cheat emissions tests.

The company has already agreed to pay more than $15 billion on the issue, repairing or buying back the polluting vehicles and setting aside money for environmental mitigation and the development of zero-emissions technology.