VW's US finance unit to pay $48.75 million to resolve SEC diesel case

WASHINGTON, D.C.: Volkswagen Group of America's finance unit has agreed to pay US$48.75 million to settle a lawsuit accusing the German automaker and its former CEO of defrauding investors in U.S. bond offerings.

The Securities and Exchange Commission (SEC) filed a civil lawsuit in March 2019, alleging Volkswagen AG, two subsidiaries, and former CEO Martin Winterkorn deceived investors. The SEC is dropping clai