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Wednesday, September 23, 2015

VW CEO Martin Winterkorn resigns after cheating emissions testing on 11 million cars

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Volkswagen‘s chief executive Martin Winterkorn has announced he is stepping down following news the auto maker is facing multiple class action lawsuits after the company admitted to cheating emissions testing on 11 million cars. To mount a defense, the German carmaker hired Kirkland & Ellis, the same law firm that BP used after the Deepwater Horizon disaster. Given VW’s reputation for environmentally-friendly designs, this news has shaken the auto world, leaving consumers and shareholders alike with a lot of doubts about their loyalty to the second largest carmaker in the world.

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