The U.S. Department of Justice reportedly concluded an investigation into luxury vehicle maker Mercedes-Benz Group AG MBGYY related to exhaust emissions without filing charges against the German automaker.
The Stuttgart-based company confirmed the closure of the investigation on Saturday, reported Bloomberg.
The decision marks a significant development in the legal landscape surrounding diesel-related issues.
Renata Jungo Bruengger, a member of Mercedes-Benz’s management board, reportedly emphasized the decision as a crucial milestone toward legal clarity regarding various diesel-related matters.
However, officials from the DOJ refrained from immediate comments, as per the report.
In April 2016, Mercedes-Benz witnessed a notable decline in its shares following the disclosure of the DOJ’s inquiry into its certification and admissions procedures concerning exhaust emissions in the U.S.
Mercedes Benz stock has gained over 2% in the last 12 months.
Read Next: Mercedes Alabama Workers Gear Up For UAW Union Election: Report
Price Action: MBGYY shares traded higher by 1.22% at $19.84 at last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by pisaphotography on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
