Volkswagen Will Pay $15 Billion for Emissions Cheating

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Summary: Volkswagen has settled the emissions-cheating scandal by agreeing to pay out almost $15 billion.

After allegations of consumer deception and destroying our air, Volkswagen has agreed to pay $14.7 billion. The German carmaker stated on Tuesday that they will buy back and terminate the leases of almost half a million cars in the United States. The company will also spend almost $10 billion to pay consumers and $4.7 billion to invest in green vehicle technology and ease emissions from its cars.

  

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• Related: Volkswagen’s Legal Troubles No Where Near Ending 

Earlier this year, it was found that Volkswagen vehicles did not meet U.S. emissions standards and that the company knowingly lied about the car’s failing results, going so far as to employ technology to cheat the system. Once these revelations came to light, the U.S. government, California, the U.S. Trade Commission, and the Environmental Protection Agency sought legal action against the company.

“By duping the regulators, Volkswagen turned nearly half a million American drivers into unwitting accomplices in an unprecedented assault on our atmosphere,” said Deputy Attorney General Sally Q. Yates.

Yates added that while this announcement is a step forward the government will continue to pursue “the facts wherever they go.”

• Related: Volkswagen Retains Kirkland & Ellis 

Consumers can check VWCourtSettlement.com and AudiCourtSettlement.com to determine whether or not they will receive money, and they will also be notified by Volkswagen.

Despite this massive payout, Volkswagen is still facing penalties and fines worth billions as well as criminal charges. The criminal charges stem from their 2 liter diesel vehicles that came with software designed to cheat emission standards. The company is also open to receiving civil penalties, and there are still hundreds of civil cases pending against them.

Do you think Volkswagen owes more for knowingly deceiving buyers and hurting the environment? Let us know in the comments below.

Source: Buzzfeed

Photo courtesy of The Telegraph