Volkswagen shares gain on word of planned U.S. settlement

Attorney General Loretta Lynch and FBI Deputy Director Andrew Mc Cabe listen during a news conference at the Justice Department in Washington Wednesday Jan

Company management is set to approve the deal - which will also include appointing an independent monitor for the next three years - today or tomorrow, Volkwagen said in a statement. A change in administration could have delayed a final settlement for months if not longer.

The diesel emission outrage break out in September 2015 when the US Ecological Protection Agency (EPA) found that many VW cars sold in America had a "defeat device" in diesel cars that could sense when they were being tested and adjust the performance accordingly to improve results.

News of the impending settlement comes as prosecutors move to tie up charges against the German automaker.

The company has admitted that it cheated to fool emission tests.

Details of the actual settlement are unclear, but the Justice Department is expected to release more information Tuesday or Wednesday.

VW still faces significant payouts as lawsuits and separate government investigations move forward in the U.S. and overseas.

Environmental Protection Agency Administrator Gina McCarthy left with Attorney General Loretta Lynch speaks during a news conference at the Justice
Volkswagen shares gain on word of planned U.S. settlement

Volkswagen's expected guilty plea is in contrast to Justice Department deferred prosecution agreements with Toyota Motor and General Motors, which were both accused of misleading regulators or consumers and paid fines of $1.2 billion and $900 million, respectively, but were not required to plead guilty.

Separately, Porsche, the main shareholder of VW, issued a profit warning after the VW news.

The courts must approve the company's settlement with the U.S.

Investors liked news Volkswagen had agreed a settlement in principle with USA authorities likely to cost $4.3 billion, while analysts saw the deal as ending much uncertainty about the final cost of dieselgate to the company.

Despite the scandal, the Volkswagen Group achieved record sales previous year. He is due to appear before a United States court on Monday. The shares are still 10 percent below pre-scandal levels.

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