- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-04-08T17:05:00
A Volkswagen finance unit was ordered to pay $48.75 million as part of a final judgment obtained by the Securities and Exchange Commission (SEC) to resolve historical violations related to the automaker’s emissions scandal.
Volkswagen Group of America Finance (VWGOAF) must pay $34.35 million in disgorgement and $14.4 million in prejudgment interest, the SEC announced in a litigation release published Friday.
In 2015, VW confessed to cheating U.S. emissions requirements by installing defeat devices in its vehicles. In March 2019, the SEC charged VWGOAF with making false and misleading statements related to its 2014-15 offerings of corporate bonds, including to investors and underwriters about vehicle quality, environmental compliance, and financial standing.
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