After months of negotiations, Volkswagen’s day of reckoning in the United States has come. The German automaker has agreed to pay up to $15.3 billion (€13.8 billion) to compensate buyers of its affected diesel cars in the United States, including paying penalties to regulators and investing in clean engine technology.
The German automaker acknowledged the pact with the U.S. Environmental Protection Agency and 475,000 U.S. diesel car buyers on Tuesday. In a statement, the company said it filed the settlement in a U.S. District Court in San Francisco, which still has to give its approval to make the deal binding.
The agreement includes $10 billion in payments to U.S. citizens who own 2.0-liter VW or Audi diesel cars, VW said. Each car owner could receive payments of up to $10,000, news agency Reuters reported.