Volkswagen Settles for Nearly 15 Billion for Emissions Violations
Volkswagen will pay up $14.7 billion to consumers and the government for selling so-called “clean diesel” cars that were designed to cheat emissions regulations. The settlement is by far the biggest payout that any auto manufacturer has ever had to make. About $10 billion will go to compensate owners of the almost half a million cars affected in the U.S. The settlement also includes a $2.7 billion payment to the Environmental Protection Agency for the environmental damage caused by the cars. What impact will the payout have on the German automaker long-term?