Prosecutors in Germany have imposed a $1.2 billion fine on Volkswagen over the company’s diesel scandal.
The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on emissions cheating.
“It is one of the highest fines ever imposed on a company in Germany,” the prosecutor said in a statement.
The automaker said it accepted the penalty.
“Volkswagen accepted the fine and it will not lodge an appeal against it,” the company said in a statement. “Volkswagen, by doing so, admits its responsibility for the diesel crisis.”