Infrastructure

Home page

Infrastructure

Volkswagen to settle emissions scandal for more than $10 billion

24 June 2016 09:32 (UTC +04:00)

Baku – APA-Economics. Volkswagen has agreed to take a series of steps with a total cost of roughly $10.2 billion to settle claims from its unprecedented diesel emissions cheating scandal in the U.S., two people briefed on the matter said Thursday, CNBC reported.

Most of the money would go to compensate 482,000 owners of cars with 2-liter diesel engines that were programmed to turn on emissions controls during lab tests and turn them off while on the road, said the people, who asked not to be identified because a judge has issued a gag order in the case. Multiple outlets also reported a settlement between $10 billion and $10.3 billion.

Owners would have a choice between selling their vehicles back to VW at the value before the scandal broke on Sept. 18, 2015, or keeping the cars and letting the company repair them. Compensation rates varied: A source told the AP owners would also get $1,000 to $7,000 depending on their cars' age, with an average payment of $5,000, while another source told Dow Jones the payments would be at least $5,100 and up to $10,000.