VW to Pay $14.7b to Settle Some Government Agencies' Civil Charges
Volkswagen agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers brought by the United States (Environmental Protection Agency) and the State of California, and one with the U.S. Federal Trade Commission. VW will offer consumers a buyback and lease termination for 2.0 liter diesel vehicles with model year 2009-2015 sold or leased in the U.S., and spend up to $10.03 billion to compensate consumers under the program. In addition, the companies will spend $4.7 billion to mitigate the pollution from these cars and invest in green vehicle technology. The settlements do not resolve pending claims for civil penalties or any claims concerning 3.0 liter diesel vehicles or potential criminal liability. Click here to read more.