Takata to pay $1 billion to settle U.S. air bag probe: sources

Japan's Takata Corp is expected to plead guilty to criminal wrongdoing as early as Friday as part of a $1 billion settlement with the U.S. Justice Department over its handling of air bag ruptures linked to 16 deaths worldwide, sources said.

The settlement includes a $25 million criminal fine, $125 million in victim compensation and $850 million to compensate automakers who have suffered losses from massive recalls, the sources said. read more »

Fiat Chrysler Accused by EPA of Emissions Cheat; Shares Fall

Fiat Chrysler Automobiles NV was accused by the U.S. government of using software that allowed excess diesel emissions in about 104,000 vehicles. The company’s shares plummeted, leading to a trading halt.

The Environmental Protection Agency alleges Fiat Chrysler violated the Clean Air Act by installing and failing to disclose the software in Jeep Grand Cherokee sport utility vehicles and Ram 1500 pickups sold in the U.S., according to a statement. Fiat Chrysler defended its systems as legal. read more »

Ford recalls 816,000 more vehicles for faulty Takata air bags

Ford is adding more than 816,000 vehicles in North America to the growing Takata air bag inflator recall. 

VW faces reforms, oversight for 3 yrs under U.S. settlement

Volkswagen AG, as part of a $4.3 billion settlement with U.S. regulators, on Wednesday agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions cheating investigations.

Under the settlement of charges it installed secret software in U.S. vehicles to allow them to emit up to 40 times legally allowable pollution, the German automaker agreed to change the way it operates in the United States and other countries read more »