Volkswagen has agreed to pay at least $1.2 billion in buybacks and compensation to settle claims from U.S. owners of cars with larger diesel engines that the company rigged to cheat on emissions tests.
And the German automaker could pay even more — as much as $4 billion — if it can't repair many of the cars in a way that satisfies regulators.
The proposed settlement filed late Tuesday before Judge Charles R. Breyer in U.S. District Court in San Francisco covers owners of some 78,000 Audi, Volkswagen and Porsche cars with 3.0-liter diesel engines.
Volkswagen has already agreed on a $15 billion settlement with owners of some 500,000 smaller, 2.0-liter diesel engines.
Volkswagen has now settled most U.S. consumer claims as it tries to repair a tarnished reputation. "All of our customers with affected vehicles in the United States will have a resolution available to them," Hinrich J. Woebcken, head of Volkswagen Group of America, said in a statement.#News #VW #Volkswagen #Auto Biz #Diesel Vehicles