VW will have to pay $14.7 Billion to settle the diesel emissions scandal.
Volkswagen have been in a lot of trouble lately due to the diesel emission scandal and its imposing threat to the environment. Previously it was said that VW will be playing around $10 billion in the settlement, however it looks that VW has to lose more in this case.
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According to NYTimes, Volkswagen have agreed to pay up to $14.7 billion to settle the claims of diesel emission cheating scandal. This is regarded as the biggest consumer settlements made by any company in the history of the United States. The settlement includes money for the 475,000 VW vehicles. The $10.03 billion from this money will be used to buy the effected vehicles and will be given as compensation to owners of effected VWs.
The cash that will be given as compensation to the owners will range from $5000 to $10000 depending upon the model and condition of car being purchased. The cars were deliberately designed to cheat on the air quality tests made by Highway company or transportation authorities.
The compensation made by Volkswagen will cater only a limited number of cars in U.S. However almost 11 million cars in total have this kind of fault. Most of them are being used in Europe. VW acknowledged the use of a cheating software being installed in cars that makes them change the emission ratio.
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“It is a good deal for the customers who were defrauded by the car maker”, these were the remarks of a former Chief Justice OF Environmental Crimes Court. The car owners will be given the option to either sell the vehicle back to VW or to choose to fix the emission problem in them. The fix is supposed to reduce mileage and engine performance.