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| Volkswagen's US Diesel Emissions |
| Volkswagen's US Diesel Emissions Settlement To Cost $15 Billion: Source
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| UNITED STATES OF AMERICA
, 27-June-2016
20:19:47 PM |
| Volkswagen AG's settlement with nearly 500,000 US diesel owners and government regulators over polluting vehicles is valued at more than $15 billion, a source briefed on the matter said on Monday.
The settlement, to be announced on Tuesday, includes just over $10 billion to offer buybacks to owners of polluting vehicles and nearly $5 billion in funds to offset excess diesel emissions and boost zero emission vehicles, the source said.
A separate settlement with nearly all US state attorneys general over excess diesel emissions will be announced on Tuesday and will push the total to over $15 billion, the source said.
Spokeswomen for US Environmental Protection Agency and Volkswagen declined to comment.
Speaking on condition of anonymity, due to court-imposed gag rules, a source said that owners will receive an average of $5,000 in compensation along with the estimated value of the vehicles as of September 2015, before the scandal erupted.
Owners would also receive the compensation if they choose to have the vehicles repaired, assuming US regulators approve a fix at a later date.
The settlement, the largest ever automotive buyback offer in US history and most expensive auto industry scandal, stems from the German automaker's admission in September 2015 that it intentionally misled regulators by installing secret software that allowed US vehicles to emit up to 40 times legally allowable pollution.
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