German prosecutors have fined automaker Daimler AG (OTC: DMLRY), the corporate parent of Mercedes-Benz, nearly a billion dollars to settle a probe into whether Daimler sold diesel-powered vehicles that cheated on emissions testing.
Prosecutors in Stuttgart, where Daimler is headquartered, found that the company sold about 684,000 vehicles, starting in 2008, that didn't fully comply with European Union regulations around emissions of oxides of nitrogen. (Oxides of nitrogen are among the pollutants that cause smog.)
Without admitting guilt, Daimler agreed to pay a fine of 4 million euros for "negligent violation of supervisory duties" and to give up an additional 866 million euros in profit, for a total payment of 870 million euros (about $960 million).