Bosch Settles California Diesel Emissions Inquiry With $25M Penalty

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  • California Attorney General Rob Bonta and the California Air Resources Board (CARB) entered a $25 million settlement with Bosch for its role in the diesel emissions cheating scandals at Volkswagen AG VWAGY and Stellantis N.V. STLA Fiat Chrysler.
  • This settlement, which is subject to court approval, resolves allegations that Bosch participated in misconduct by providing hardware, software, and software programming or calibration services to Volkswagen and Fiat Chrysler when it knew or should have known that these auto manufacturers were violating environmental and consumer protection laws.
  • Under the settlement, Bosch must disclose to California if it concluded a manufacturer would use or has used software to evade emissions rules.
  • Also Read: Volkswagen Goes Ahead With Porsche IPO, Defying Odds
  • Bosch previously agreed to pay over $400 million to U.S. diesel VW and Fiat Chrysler owners and resolve claims from state attorneys general over diesel emissions, Reuters reports.
  • Volkswagen admitted in 2015 to using illegal software to trick U.S. pollution tests and pleaded guilty as part of a $4.3 billion settlement reached with the Justice Department that overall cost the German automaker more than $30 billion.
  • Price Action: VWAGY closed higher by 4.62% at $18.12 on Monday.
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