• VW to pay $15B to settle emissions scandal in US

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    WASHINGTON, D.C.: Volkswagen’s cost for ending civil lawsuits over its emissions-cheating scandal has grown to $15 billion, Bloomberg News reported on Monday (Tuesday in Manila) on the eve of the automaker’s court deadline to file a settlement.

    Last week, a person close to the matter told Agence France-Presse that the German automaker would file a proposed settlement of $10.3 billion. That included compensation payments to owners of the some 480,000 2.0 liter diesel cars secretly outfitted with illegal emissions-spoofing devices as well as funding for a program to fight air pollution.

    The proposed settlement that Volkswagen must file Tuesday in a San Francisco federal court will include $5 billion more than the $10 billion it had previously reported, Bloomberg reported, citing two sources familiar with the negotiations.

    Volkswagen will pay $2.7 billion in fines to the US Environmental Protection Agency (EPA) and the California Air Resources Board, and spend $2 billion on clean-emissions technology, one of the people told Bloomberg.

    The automaker is expected to announce a settlement with states, including New York, for roughly $400 million, another person said.

    Volkswagen admitted in September that it had installed software in diesel cars that tricked US emissions tests into showing the cars met environmental standards.

    AFP

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