VW to pay out to car owners in $15bn redress

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The cost of Volkswagen’s emission-rigging scandal is to soar above $15 billion (£11.2 billion) as the German car-maker prepares to agree a deal to buy vehicles back from US owners and pay for environmental work.

VW admitted in September that it had rigged 11 million cars worldwide with devices to cheat official emission tests.

Its US settlement involves setting aside $10 billion to compensate owners — by as much as $10,000 per car — on top of buying vehicles back at pre-scandal values or carrying out full repairs.

VW has also agreed to pay $2.7 billion in fines to the US Environmental Protection Agency and the California Air Resources Board, and invest $2 billion in clean-emissions technology, insiders said. 

The German firm’s costs continue to rise, as civil and criminal actions mount across three continents.

However, in Europe, where almost nine million cars were rigged, weaker emissions standards mean VW is unlikely to have to offer large compensation packages.

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Source Article from http://www.standard.co.uk/business/vw-to-pay-out-to-car-owners-in-15bn-redress-a3282926.html

June 28, 2016 |
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