Volkswagen AG has agreed to a whopping payout stemming from the company’s emissions cheating scandal. The Wall Street Journal reports that the company will pay more than $10 billion to settle claims from U.S. owners of diesel-powered vehicles.
The report cites people who are familiar with the situation.
“The proposed deal would address owners of nearly 500,000 diesel-powered vehicles with two-liter engines that contain software capable of duping government emissions tests, the people said,” WSJ reports. “The arrangement would encompass buying some vehicles from consumers, or making their vehicles compliant with environmental regulations, and provide additional compensation to owners, the people said. Volkswagen plans to repurchase vehicles based on their value in September before the emissions-cheating crisis was disclosed, one of the people said.”
The source reportedly indicated that consumers are expected to receive at least $5,100, and in some cases as much as $10,000, beyond a buyback or repair.