Volkswagen's final reckoning

Volkswagen's unprecedented deal — $14.7 billion — dwarfs recent auto industry settlements for corporate malfeasance

Volkswagen agreed to pay $14.7 billion in its latest scandal.
(Image credit: Getty Images)

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Volkswagen is one step closer to putting its diesel emissions scandal behind it, after agreeing to "one of the largest consumer class-action settlements ever in the U.S.," said Hiroko Tabuchi and Jack Ewing at The New York Times. The embattled German automaker agreed last week to pay $14.7 billion in connection with 475,000 of its diesel vehicles that were outfitted with software designed to cheat air-quality tests. Under the terms of the deal, Volkswagen will buy back affected cars from American owners at pre-scandal values, as well as provide cash compensation ranging from $5,100 to $10,000 per owner. The unprecedented deal dwarfs recent auto industry settlements, like the $1.4 billion Toyota paid over flawed accelerators and the more than $2 billion General Motors has paid to settle claims related to faulty ignition switches.

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