Volkswagen set to plead guilty and pay US$4.3b in deal

New York

VOLKSWAGEN is on the verge of pleading guilty to criminal charges and paying US$4.3 billion in fines, in a deal that would resolve a federal criminal investigation into its cheating on vehicle emissions tests, the carmaker said on Tuesday.

The expected guilty plea, and the recent arrest of a Volkswagen executive on conspiracy charges, buck a pattern of companies essentially paying their way out of criminal accusations. While companies often face large fines for wrongdoing, it is far less common for them to admit to breaking the law.