Volkswagen confirms $4.3bn US settlement over diesel emissions

Volkswagen confirms $4.3bn US settlement over diesel emissionsVolkswagen said it has agreed a draft $4.3bn settlement with US regulators over the diesel emissions scandal that affected 11 million vehicles globally.

The agreement, which needs to be approved by VW boards and US courts, would also see an independent monitor appointed to oversee compliance and control at the company for three years.

It adds to a $15bn civil settlement with environmental authorities and car owners in America under which it agreed to buy back up to 500,000 vehicles.

The company has now exceeded the €18.2bn set aside so far to handle the scandal after it admitted using "defeat devices" to cheat on emissions tests.

Volkswagen reached the latest deal, covering civil and criminal fines, with the US Department of Justice and US Customs and Border Protection.

Top executives at the German carmaker are expected to meet shortly to approve it.
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