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Volkswagen Will Shell Out Billions Over Its Emissions Cheating Scandal

Volkswagen agreed to a $14.7 billion settlement for cheating on emissions tests.

By Grant Suneson | October 25, 2016

Volkswagen's emissions cheating scandal will cost the automaker $14.7 billion — and that's just the beginning.

A federal judge approved the massive settlement after Volkswagen was caught putting devices to cheat on emissions tests in 11 million diesel cars between 2009 and 2015.

SEE MORE: Is Volkswagen Trying To Pay Its Penance With (Actual) Clean Cars?

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The nearly $15 billion will go toward buying back or fixing the affected cars, supporting more environmentally friendly vehicles and giving the deceived owners between $5,000 and $10,000 each. And that's just the start of Volkswagen's financial nightmare.

The settlement only covers cars with 2-liter diesel engines. Volkswagen still has to work out a settlement for at least 80,000 affected vehicles with 3-liter engines.

Volkswagen is also paying each of its dealers nearly $2 million apiece, though each dealer can opt for its own lawsuit instead. The German automaker also had to hire hundreds of employees just to handle the buybacks.

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