VW Agrees $14.7bn US Deal Over Rigged Cars

First, Volkswagen will spend $10.033bn to buy back or fix the rigged cars, in the largest auto-related consumer class settlement in history, said a person familiar with the details. Car owners, whether they choose to sell their cars back to VW or have them fixed, will be offered a minimum of $5,100 each in compensation as well as the buyback price. The maximum is around $10,000. Drivers who leased their cars will be offered roughly half the amount, in some cases less than $2,700. Second, VW has agreed to pay a $2.7bn environmental remediation payment into a trust operated by the Environmental Protection Agency. The money is to be paid over three years. Third, VW has agreed to invest $2bn over 10 years into zero emission technology.

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