Volkswagen agrees to settlement with the Federal Trade Commission for Volkswagen and Audi 2.0 litre diesel cars.

Auto Business News-August 10, 2016--Volkswagen agrees to settlement with the Federal Trade Commission for Volkswagen and Audi 2.0 litre diesel cars

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Auto Business News - 10 August 2016

Volkswagen AG (Xetra: VW), a Germany-based automaker, has agreed to a settlement with the Federal Trade Commission that will offer upwards of USD10bn to owners and lessees of Volkswagen and Audi 2.0-litre diesel cars.

The automaker had claimed 500,000 cars had low levels of harmful emissions, but they were actually much higher.

The company will also buy back affected cars for thousands of dollars more than their current replacement value as compensation for the company's misleading emissions claims and for the trouble of replacing the car. And if environmental regulators approve a modification to the cars, people who own or lease will have the option for the automaker to implement the modification and receive money in compensation.

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