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Volkswagen could spend $14.7 billion for cheating emissions tests

Jaclyn Jaeger | June 29, 2016

In two related settlements—one with the United States and the State of California, and one with the Federal Trade Commission—German automaker Volkswagen and related entities have agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers, the Department of Justice said.

Volkswagen will offer consumers a buyback and lease termination for nearly 500,000 model year 2009-2015 2.0 liter diesel vehicles sold or leased in the United States, and spend up to $10 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...

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