Volkswagen to fork out $15B over diesel fiasco

Volkswagen has proposed a settlement program worth almost $15 billion, which includes vehicle buybacks and lease terminations, emissions modifications (if approved) and cash payments to affected customers. The announcement was made last week through an official statement from the Wolfsburg, Germany-based car company.

With the settlement proposal, Volkswagen has agreed to put up a $2.7 billion environmental remediation fund and to invest $2.0 billion in initiatives to promote the use of zero emissions vehicles in the United States.