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Volkswagen's huge settlement announced!

27 Jun 2016
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Volkswagen's huge settlement announced!

The fuel-emissions scandal of Volkswagen continues. Did you know that Volkswagen AG's settlement for about 50,000 owners and government regulators over polluting vehicles is valued at more than $15 billion cash? That amount is very high even for such a powerful company as Volkswagen.

 

 

We will know more precisely about this settlement on Tuesday in Washington, when it will be announced that the company has to return to the owners $10.033 billion over diesel emissions of about 475,000 vehicles and approximately $5 billion in funds to offset excess diesel emissions and boost zero emission vehicles. The expected settlement is going to be more than $500 million and will push the total to over $15 billion. Volkswagen isn't commenting on these news yet but a source revealed that each owner of 2.0 liter diesel VW 2009-15 cars will receive at least $5,100 as a compensation along with the estimated value of the vehicles as of September 2015. Some owners will get $10,000 in compensation, it all depends on the value of the car.

 

 

The actual amount VW needs to pay could be less if a large number of owners take buybacks. Prior owners will get half of current owners, even the consumers who leased cars will get compensation. The 2 billion in green energy and zero emission efforts will be spent over 10 years, and will include zero emission vehicle infrastructure.

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