Gene J. Puskar / AP
Volkswagen will announce a settlement Tuesday with almost 500,000 owners of its diesel models built with software to cheat U.S. emission standards, Reuters reported.
The settlement is valued at $15 billion, according to Reuters and the Associated Press, which cited sources familiar with the matter. Under the terms of the settlement, the German automaker will offer to buy back or fix affected vehicles.
The details of a settlement have not been publicly announced.
The Department of Justice sued Volkswagen in January after thousands of diesel models sold in the U.S. were found to be emitting pollutants at a rate multiple times higher than allowed by law. An internal review by VW determined around 800,000 vehicles had "unexplained inconsistencies" in carbon emissions, and U.S. authorities accused the company of designing software to bypass anti-pollution standards.
According to Reuters, $10 billion will go to owners of the affected cars, and $5 billion will go to regulators.
LINK: Volkswagen Agrees To Fix Or Buy Back 482,000 Diesel Vehicles
LINK: Federal Government Sues Volkswagen Over Emissions Evasion
from BuzzFeed - USNews http://ift.tt/290n0xt
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