Volkswagen's US diesel emissions fraud settlement: $15 billion, largest in US history

Volkswagen AG's settlement with half a million U.S. regulators and diesel vehicle owners over polluting vehicles is valued at more than $15 billion cash, a source briefed on the matter told Reuters Monday.

A separate report from AP puts the figure around $14.7 billion.

If that's accurate, the settlement will be the largest ever automotive buyback offer in American history, and the most expensive auto industry scandal ever.

The historic lawsuit followed the German automaker's admission in September 2015 it lied to regulators and installed secret software that let U.S. cars emit up to 40 times legally permitted pollution levels. (more…)