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Germany fines Volkswagen €1B over emissions scandal

German prosecutors imposed a €1 billion fine on Volkswagen AG regarding its diesel emissions scandal, with the carmaker accepting the fine and saying it will not appeal the decision.

"Volkswagen AG ... admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome."

The prosecutor's office said the carmaker had "impermissible" software functions in 10.7 million cars between 2007 and 2015, Volkswagen said.

The U.S. Environmental Protection Agency in 2015 alleged that the company violated the Clean Air Act by installing software in certain VW, Audi and Porsche diesel cars designed to switch on vehicle emissions control systems during testing and off during real-world driving.

Volkswagen hopes that the settlement with German prosecutors will positively impact pending proceedings it faces in Europe.

The scandal has cost the company approximately $30 billion in vehicle recalls, settlements, criminal and civil penalties, according to Reuters.