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VW to pay $14.7 billion to settle class action, EPA claims over emissions scandal

( June 28, 2016, 14:21 GMT | Official Statement) -- MLex Summary: Volkswagen has agreed to pay $14.7 billion to settle claims with a class of consumers, the US Environmental Protection Agency and the California Air Resources Board over an emissions cheating scandal that was disclosed in 2015. Under the settlement terms, VW will pay $10.03 billion to fund buybacks and lease terminations for some 475,000  Volkswagen and Audi 2.0-liter diesel vehicles currently on the road. Most owners who purchased a 2.0-liter vehicle before September 18, 2015 will be eligible for a payment ranging from $5,100 to approximately $10,000 per vehicle. VW will pay an additional $2.7 billion to fund environmental remediation and $2 billion to promote zero emissions technology.FOR IMMEDIATE RELEASE: JUNE 28, 2016...

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