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Hyundai, Kia will pay $360 million in EPA settlement

Korean car manufacturers Hyundai and Kia will pay $360 million to settle the Environmental Protection Agency's investigation into the companies' fuel economy ratings.

Monday's announcement comes after a two-year investigation into claims that the companies overstated the fuel economy ratings on the window stickers of 1.2 million vehicles between 2011 and 2013. The settlement, which is the largest of its kind under the Clean Air Act, includes forfeiting $210 million in greenhouse gas emission credits, a $100 million civil penalty, and spending $50 million "to ensure independent auditing" and "measures to prevent any future violations," The Detroit News reports.

Hyundai and Kia are controlled by the same Korean conglomerate, but the automakers' marketing efforts are run separately in the U.S., The Detroit News notes.