Business
Volkswagen’s Diesel Emissions Settlement Hits $15bn
Volkswagen AG’s
settlement with nearly 500,000 U.S. customers and government regulators over polluting diesel vehicles is valued at more than 15 billion dollars cash.
The settlement, announced recently in Washington, includes 10.033 billion dollars to offer buybacks to owners of about 475,000 polluting vehicles and nearly 5 billion dollars in funds to offset excess diesel emissions and boost investment in zero emission vehicles.
A separate settlement with nearly all U.S. state attorneys general over excess diesel emissions was announced on Tuesday and is expected to be more than $500 million and will push the total to over 15 billion dollars, The Tide source briefed on the matter said.
Spokeswomen for U.S. Environmental Protection Agency (EPA) and Volkswagen (VW) declined to comment.
The settlement stems from the German automaker’s admission in September that it intentionally misled regulators by installing secret software that allowed U.S. vehicles to emit up to 40 times legally allowable pollution.
The deal, based on the largest ever automotive buyback offer in U.S. history and most expensive auto industry scandal, will move VW close to the 16.2 billion euros (18 billion dollars ) it has set aside to cover the costs of the scandal.
Though about five billion higher dollars than previously reported, the settlement gave firm details of costs in the U.S. where VW faces the bulk of expenses for its wrongdoing, more than nine months after the scandal broke.
But criminal and civil legal action is still pending in other countries, while European governments are demanding VW offer similar compensation to the owners of 8.5 million rigged cars in the region, adding to risks that the costs could climb.
The 10.033 billion dollars is the maximum VW could pay if it had to buy back all vehicles, but the actual amount VW will pay could be much less if a large number of owners don’t take buybacks.
Prior owners will get half of current owners, while people who leased cars would also get compensation.
Owners would also receive the same compensation if they choose to have the vehicles repaired, assuming U.S. regulators approve a fix at a later date.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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