Today, Volkswagen was ordered by the U.S. District Court for Eastern Michigan to pay $2.8 billion in criminal penalties related to the company’s diesel emissions scandal.

New York City Comptroller Scott M. Stringer, who oversees investments in Volkswagen on behalf of the New York City Pension Funds, released the following statement:

“Volkswagen wronged American consumers. This massive scandal badly damaged the company’s reputation and destroyed shareowner value. Volkswagen violated the law. Their scheme was deceitful – and it was wrong. Today’s massive fine underscores the extent of the fraud and the need for change at the company.”