Volkswagen, Audi Arrive At $85M Settlement With Texas

Volkswagen AG VWAGY and Audi have reached an $85 million settlement over violations of Texas environmental laws.
The car manufacturers employed the use of illegal emission-evading technology in violation of Texas environmental laws.
In Early May, Texas Supreme Court ruled the state environmental lawsuit against Volkswagen and Audi could be taken forward, Reuters reported.
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In 2015, Volkswagen admitted to using software to evade emissions requirements in nearly 11 million vehicles globally.
"If a company thinks they will avoid accountability when they violate Texas laws, endanger Texans, and pollute our environment, they’re dead wrong. Volkswagen and Audi are finding that out the hard way, and now they are paying the price,” said Attorney General Paxton.
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Price Action: VWAGY shares closed lower by 1.13% at $15.68 on Thursday.