Volkswagen has agreed to a
settlement worth more than $15.3 billion, according to a court document filed
on Tuesday and a source briefed on the matter.
The Justice Department filed
a proposed consent decree that confirms VW will set aside $10.033 billion to
cover buybacks and fixes, $2 billion to invest in green energy funds and $2.7
billion to offset diesel emissions.
Shares of VW were up 3.4
percent. A source briefed on the matter said VW would announce a separate
settlement with at least 44 U.S. states, the District of Columbia and Puerto
Rico that will cost at least $600 million.
The actual amount VW will
spend on buybacks could be significantly less if regulators approve fixes and
owners opt to get vehicles repaired. Owners will get at least $5,100 in
compensation in addition to the pre-scandal value of the cars.
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