What We're Following This Afternoon

Kevin McCarthy quits speaker race: The move is a shocker. McCarthy was until this morning seen as the only viable candidate to succeed John Boehner as House speaker. Russell has details.

Volkswagen scandal: Michael Horn, the chief executive of Volkswagen Group of America, offered a “a sincere apology” to lawmakers for the automaker’s use of a device in its diesel cars that allowed them to cheat emissions tests.

Pimco lawsuit: Bill Gross, the bond king who founded Pimco, is now suing it for “hundreds of millions of dollars.” In a complaint, Gross alleged a “cabal of Pimco managing directors plotted to drive” him out of the company. They were, the complaint says, “driven by a lust for power, greed, and a desire to improve their own financial position and reputation.”