VW Agrees to $1 Billion Settlement in Cheating-Scandal Recovery

Volkswagen AG took an important step in digging out from its emissions-cheating scandal by reaching a $1 billion agreement to settle lawsuits over tainted 3.0-liter diesel engines. The preliminary accord calls for the German automaker to fix or buy back 83,000 Audi, VW and Porsche vehicles equipped with a so-called defeat device.

VW Reaches Deal for Emissions-Cheating Audi, Porsche Models

Volkswagen AG reached what was called a $1 billion agreement with U.S. car owners and regulators to fix or buy back about 83,000 Audi, VW and Porsche vehicles with emissions-cheating 3.0-liter diesel engines. The accord covering some 2009 to 2016 luxury models resolves another significant piece of Volkswagen’s emissions-cheating scandal.