VW Said to Risk Missing Court Deadline for Diesel Accord (2)
Wednesday,23/03/2016|17:59GMTby
Bloomberg News
Volkswagen AG will probably miss a Thursday court deadline to reach a comprehensive agreement with U.S. authorities over its...
Volkswagen AG will probably miss a Thursday court deadline to reach a comprehensive agreement with U.S. authorities over its tainted diesel engines, possibly exposing the carmaker to daily fines and other sanctions.
While talks have intensified in recent days, Volkswagen and U.S. officials have yet to reach final terms for fixes and compensation related to the manufacturer’s cheating on diesel pollution tests, according to people familiar with the negotiations, who asked not to be named because the discussions are private. U.S. regulators want assurances that the repairs will last, as well as the option for owners to sell the cars back to Volkswagen. Deliberations are continuing, and a last-minute deal could still be reached.
The carmaker is facing a deadline set by a federal judge in San Francisco. Without an agreement, U.S. District Judge Charles Breyer has several options at a hearing Thursday, including ordering the nearly 600,000 affected cars in the U.S. off the road and fining the German carmaker each day until it takes action. Volkswagen could also seek an extension to hammer out a deal.
Judge Breyer’s order showed “he really wanted to see something concrete,’’ said Carl Tobias, a law professor at the University of Richmond. “I doubt that he wants to do something so Draconian, but he’s right, this has just dragged on and on.’’
Breyer might delay any penalties or orders until holding another hearing, Tobias said. This would give Volkswagen notice on what he intends to do and allow the company to show why such measures shouldn’t be imposed, he said.
Volkswagen spokesman Eric Felber declined to comment, saying the talks with U.S. authorities are confidential. Laura Allen, deputy press secretary at the Environmental Protection Agency, declined to comment. David Clegern, a spokesman for the California Air Resources Board, said in an e-mail there’s nothing the agency can say “at this point.” Mark Abueg, a spokesman for the Department of Justice, also declined to comment.
Broad Framework
The broad framework of the agreement being negotiated includes creating national and California funds to make amends for past and future environmental damage and solutions to reduce the pollution from the affected vehicles or remove them from the road, people familiar with the talks have said. The cost of buying back all the affected vehicles could total $9.4 billion, according to Bloomberg Intelligence analyst Brandon Barnes.
Regulatory fines and lawsuits in the U.S. pose an even bigger financial risk. Volkswagen could face a worst-case scenario of $46 billion in penalties for equipping diesel engines with software designed to sidestep emissions tests, according to Bloomberg Intelligence estimates. A Settlement could help reduce that financial hit significantly.
The scandal has worsened Volkswagen’s already weak position in North America, where Europe’s biggest automaker has failed to become more than a niche player. The company has been forced to halt sales of diesel vehicles, which account for some 20 percent of the VW brand’s lineup in the region.
A settlement would free Volkswagen to focus more on overhauling its products and operations in the U.S. Plans include updating models every five years instead of seven, adding sport utility vehicles and buying more parts locally. And engineers at VW’s only U.S. factory, in Chattanooga, Tennessee, will steer the new projects, reversing the failed pattern of planning cars for the North American market at the automaker’s headquarters in Wolfsburg, Germany.
The case is In Re: Volkswagen “Clean Diesel” Marketing, Sales Practices and Products Liability Litigation, MDL 2672, U.S. District Court, Northern District of California (San Francisco).
(Updates with Justice Department's response in sixth paragraph.)
--With assistance from Jeff Plungis and Dana Hull To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net, Margaret Cronin Fisk in Detroit at mcfisk@bloomberg.net, Alan Katz in Washington at akatz5@bloomberg.net. To contact the editors responsible for this story: Michael Hytha at mhytha@bloomberg.net, Chris Reiter at creiter2@bloomberg.net, Sara Forden at sforden@bloomberg.net, Naomi Kresge, Tom Lavell
By: Christoph Rauwald, Margaret Cronin Fisk and Alan Katz
Volkswagen AG will probably miss a Thursday court deadline to reach a comprehensive agreement with U.S. authorities over its tainted diesel engines, possibly exposing the carmaker to daily fines and other sanctions.
While talks have intensified in recent days, Volkswagen and U.S. officials have yet to reach final terms for fixes and compensation related to the manufacturer’s cheating on diesel pollution tests, according to people familiar with the negotiations, who asked not to be named because the discussions are private. U.S. regulators want assurances that the repairs will last, as well as the option for owners to sell the cars back to Volkswagen. Deliberations are continuing, and a last-minute deal could still be reached.
The carmaker is facing a deadline set by a federal judge in San Francisco. Without an agreement, U.S. District Judge Charles Breyer has several options at a hearing Thursday, including ordering the nearly 600,000 affected cars in the U.S. off the road and fining the German carmaker each day until it takes action. Volkswagen could also seek an extension to hammer out a deal.
Judge Breyer’s order showed “he really wanted to see something concrete,’’ said Carl Tobias, a law professor at the University of Richmond. “I doubt that he wants to do something so Draconian, but he’s right, this has just dragged on and on.’’
Breyer might delay any penalties or orders until holding another hearing, Tobias said. This would give Volkswagen notice on what he intends to do and allow the company to show why such measures shouldn’t be imposed, he said.
Volkswagen spokesman Eric Felber declined to comment, saying the talks with U.S. authorities are confidential. Laura Allen, deputy press secretary at the Environmental Protection Agency, declined to comment. David Clegern, a spokesman for the California Air Resources Board, said in an e-mail there’s nothing the agency can say “at this point.” Mark Abueg, a spokesman for the Department of Justice, also declined to comment.
Broad Framework
The broad framework of the agreement being negotiated includes creating national and California funds to make amends for past and future environmental damage and solutions to reduce the pollution from the affected vehicles or remove them from the road, people familiar with the talks have said. The cost of buying back all the affected vehicles could total $9.4 billion, according to Bloomberg Intelligence analyst Brandon Barnes.
Regulatory fines and lawsuits in the U.S. pose an even bigger financial risk. Volkswagen could face a worst-case scenario of $46 billion in penalties for equipping diesel engines with software designed to sidestep emissions tests, according to Bloomberg Intelligence estimates. A Settlement could help reduce that financial hit significantly.
The scandal has worsened Volkswagen’s already weak position in North America, where Europe’s biggest automaker has failed to become more than a niche player. The company has been forced to halt sales of diesel vehicles, which account for some 20 percent of the VW brand’s lineup in the region.
A settlement would free Volkswagen to focus more on overhauling its products and operations in the U.S. Plans include updating models every five years instead of seven, adding sport utility vehicles and buying more parts locally. And engineers at VW’s only U.S. factory, in Chattanooga, Tennessee, will steer the new projects, reversing the failed pattern of planning cars for the North American market at the automaker’s headquarters in Wolfsburg, Germany.
The case is In Re: Volkswagen “Clean Diesel” Marketing, Sales Practices and Products Liability Litigation, MDL 2672, U.S. District Court, Northern District of California (San Francisco).
(Updates with Justice Department's response in sixth paragraph.)
--With assistance from Jeff Plungis and Dana Hull To contact the reporters on this story: Christoph Rauwald in Frankfurt at crauwald@bloomberg.net, Margaret Cronin Fisk in Detroit at mcfisk@bloomberg.net, Alan Katz in Washington at akatz5@bloomberg.net. To contact the editors responsible for this story: Michael Hytha at mhytha@bloomberg.net, Chris Reiter at creiter2@bloomberg.net, Sara Forden at sforden@bloomberg.net, Naomi Kresge, Tom Lavell
By: Christoph Rauwald, Margaret Cronin Fisk and Alan Katz
Clearstream to Settle LCH-Cleared Equity Contracts
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official