VW Reaches $1.2 Billion Settlement Over Audi, Porsche Diesels
- Deal with drivers covers 78,000 cars with 3-liter engines
- Owners of some emission-cheating cars may get $16,114 payments
A Volkswagen diesel engine.
Photographer: Miles Willis/BloombergThis article is for subscribers only.
Volkswagen AG agreed to pay $1.2 billion to resolve U.S. consumer claims over rigged large diesel engines, the latest step in working through a pile of legal challenges resulting from its emissions-cheating scandal.
The proposed settlement, with the Federal Trade Commission and drivers of about 78,000 diesel models with 3.0-liter engines, brings the total cost of penalties, buybacks and fixes in North America to more than $23 billion as Volkswagen tries to overcome the biggest scandal in modern automotive history. The deal covers VW Touaregs, several Audi models and Porsche Cayennes, according to filings in San Francisco federal court.