Volkswagen to Pay Billions in Deal with Feds
Volkswagen and the federal government have made a deal that will see Volkswagen pay more than $10 billion because of the emissions fraud committed by the car manufacturer discovered last year. With the money being used to buyback customers’ cars, we recommend getting a Mercedes Benz and find yourself worrying much less about exhaust and fuel issues.
Volkswagen has struck a deal with the US government over the diesel-emissions-cheating scandal that has plagued the car maker.
Under the terms of the agreement, Volkswagen would include ‘substantial compensation’ to owners of VW’s diesel vehicles, and would establish an environmental compensation fund.
U.S. Judge Charles Breyer said the settlement is expected to include a buyback offer for nearly 500,000 2.0-liter vehicles and a possible fix if regulators agree on it. The settlement will include an environmental remediation fund and additional compensation to owners to sell back or have vehicles fixed. Continue Reading