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Thursday, October 15, 2015

#VWGate - FTC Launches Investigation

Things are going from bad to worse for Volkswagen, as it is now under investigation by the U.S. Federal Trade Commission for advertising claims for cars that were marketed as “clean diesels,” but were actually rigged to pass pollution tests.

Justin Cole, a spokesman for the agency, said the FTC is coordinating with the Justice Department and the Environmental Protection Agency, which opened their own formal investigations into Volkswagen last month.

Bloomberg reports that Volkswagen is is delaying or canceling non-essential projects to limit spending, having realised that the $7.4 billion set aside to address the scandal won’t be enough.

Volkswagen also faces more than 280 class-action lawsuits, and some of its executives may face charges.

The FTC has authority to investigate unfair and deceptive practices by companies against consumers and generally seeks refunds on their behalf.

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