Volkswagen To Spend Up To $14.7 Billion To Settle Allegations Of Cheating Emissions Tests And Deceiving Customers On 2.0 Liter Diesel Vehicles - Settlements Require VW To Spend Up To $10 Billion To Buyback, Terminate Leases, Or Modify Affected 2.0 Liter Vehicles And Compensate Consumers, And Spend $4.7 Billion To Mitigate Pollution And Make Investments That Support Zero-Emission Vehicle Technology

In two related settlements, one with the United States and the State of California, and one with the U.S. Federal Trade Commission (FTC), German automaker Volkswagen AG and related entities have agreed to spend up to $14.7 billion to settle allegations of cheating emissions tests and deceiving customers. Volkswagen will offer consumers a buyback and lease termination for nearly 500,000 model year 2009-2015 2.0 liter diesel vehicles sold or leased in the U.S., and spend up to $10.03 billion to compensate consumers under the program. In addition, the companies will spend $4.7 billion to mitigate the pollution from these cars and invest in green vehicle technology.