Emissions probe: US sends notice to Volkswagen under bank fraud law

The government is using a financial law to issue the subpoena, which will allow it to investigate fraud over the last 10 years

The US Justice Department sent German automaker Volkswagen AG a subpoena under a bank fraud law in its diesel emissions probe, a person briefed on the matter said on Tuesday.

The government is using the Financial Institutions Reform, Recovery and Enforcement Act to issue the civil subpoena, a tool used in investigating large financial institutions, said the source who requested anonymity, citing the sensitivity of the ongoing probe. The law allows the government's civil division to investigate fraud over the last 10 years.

VW spokeswoman Jeannine Ginivan declined to comment on talks with regulators, but said the automaker "will continue to cooperate with all relevant government agencies."