The charges are related to a 2015 scandal when VW admitted it had equipped around 11 million vehicles with devices capable of producing fake carbon dioxide emission readings during tests.
Oliver Schmidt, the second and most senior employee of the German automaker to plead guilty in the emissions cheating scandal, is among seven VW executives US prosecutors have charged.
Matthias Mueller is accused of holding back information from shareholders about the potential financial consequences from manipulating diesel emissions.
Volkswagen might have agreed to one of the largest ever corporate settlements to tackle the emissions scandal, but industry insiders are now questioning whether that's enough.
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