Black Friday Sale! Save huge on InvestingProGet up to 60% off

VW says did not break EU consumer rules in emissions scandal

Published 08/09/2016, 20:06
© Reuters. A Volkwagen compnay logo sits atop the VW factory in Wolfsburg
VOWG_p
-

FRANKFURT (Reuters) - Volkswagen (DE:VOWG_p) has rejected suggestions it may have breached European Union consumer rules in connection with its emissions cheating scandal, and said it does not see the need to compensate affected car owners.

EU Consumer Commissioner Vera Jourova said on Monday the European Commission was assessing whether Volkswagen had violated two EU consumer directives.

Several officials have also urged the German carmaker to draw up a compensation scheme for affected EU drivers similar to the one it has agreed with U.S. authorities.

In a letter to Jourova dated Sept. 7 and seen by Reuters on Thursday, Volkswagen said a technical fix had been found and was already available for more than 50 percent of the affected vehicles across the 28 EU member states.

"We therefore believe there is no room or need for any additional compensation," Volkswagen said in the letter signed by its head of public affairs, Thomas Steg.

© Reuters. A Volkwagen compnay logo sits atop the VW factory in Wolfsburg

The company also said it did not believe it had breached the two regulations identified by Jourova - the Consumer Sales and Guarantees Directive and the Unfair Commercial Practises Directive - adding the technical fixes were being carried out entirely at the carmaker's expense.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.