Audi and Volkswagen to Hand over $14.7 billion

Volkswagen and Audi will soon be required to buy back as many as 475,000 of its TDI-model vehicles. The companies came under fire in 2015 for misleading customers to believe that its TDI models were clean diesel alternative fuel options.  Since the scandal was brought to light, Volkswagen and Audi have chosen to lay low.  Now, however, the companies will be required to pay a $14.7 billion settlement.  Owners will have the option to sell their car back to the company and receive cash compensation or keep their vehicle until a solution is created to fix the dirty diesel problem.

President and CEO of Volkswagen Group of America, Inc., Hinrich J. Woebcken issued a statement: "Final approval of the 2.0L TDI settlement is an important milestone in our journey to making things right in the United States, and we appreciate the efforts of all parties involved in this process.  Volkswagen is committed to ensuring that the program is now carried out as seamlessly as possible for our affected customers and has devoted significant resources and personnel to making their experience a positive one."