Reports: Volkswagen, Justice Dept. Settlement Could Come As Soon As Next Week

(RTTNews) - Volkswagen AG (VKW.L, VLKAF.PK, VOW.BE) is near to reaching a multibillion dollar settlement with the Justice Department over its cheating of diesel emissions tests, according to media reports. Volkswagen reportedly plans to announce the deal as early as next week.

Volkswagenis in ongoing discussions with the U.S. Justice Department to settle an expected criminal case and aiming to complete a deal before the Obama administration ends Jan. 20, the reports specified. Volkswagen, which has admitted to the environmental failures, also faces a criminal probe and lawsuits in Germany.

Spokesmen for VW and the Justice Department declined to comment.