World Economy

VW in $15b US Settlement

VW in $15b US SettlementVW in $15b US Settlement

Volkswagen AG’s settlement with nearly 500,000 US customers and government regulators over polluting diesel vehicles is valued at more than $15 billion cash, two sources briefed on the matter said, Reuters reported. The settlement includes $10.033 billion to offer buybacks to owners of about 475,000 polluting vehicles and nearly $5 billion in funds to offset excess diesel emissions and boost investment in zero emission vehicles, the sources said. A separate settlement with nearly all US state attorneys general over excess diesel emissions will be announced late Tuesday and is expected to be more than $500 million and will push the total to over $15 billion, a separate source briefed on the matter said.