West Virginia University

Volkswagen reaches $14.7-billion emissions settlement

Volkswagen reaches $14.7-billion emissions settlement

Volkswagen would repair or buy back polluting diesel vehicles and pay each owner as much as $10,000 under a $14.7-billion deal the automaker has reached to settle lawsuits stemming from its emissions cheating scandal, a person briefed on the settlement talks said Monday.

The figure would be the largest auto scandal settlement in U.S. history and a huge step in Volkswagen's efforts to address the legal fallout from its admission that its vehicles were designed to fool emissions tests.

The deal sets aside $10 billion to repair or buy back roughly 475,000 polluting Volkswagen vehicles with 2-liter diesel engines, and to compensate each owner with an additional payment of...

66°