) took two raps in Australia on Friday as a federal court upheld a fine on the German car maker as part of a global diesel emissions cheating scandal and a regulator started penalty proceedings against one of its financial units.The court fined Volkswagen a record A$125 million for breaching Australian consumer law by making false representations about compliance with the country’s diesel emissions standards.
ACCC Chair Rod Sims told reporters on Friday that the fine imposed on Volkswagen was just a taste of what companies could expect in the future. ASIC alleges that the unit, which operates nationally to provide borrowers with consumer loans to purchase new and used cars, did not make required inquiries into borrowers’ living expenses or if the loans were unsuitable for them.
Reputational Risk- Category 3 ( moderate impact) Local legal steps against the company can be spread to other South Asian countries and NZ
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »