Volkswagen to Pay Out More Than $115 Million to New Yorkers
The Volkswagen emissions issue is one that rocked the automotive giant both publicly and financially. If you haven't been keeping up, the EPA accused Volkswagen of violating the Clean Air Act: "four-cylinder Volkswagen and Audi diesel cars from model years 2009-2015 include software that circumvents EPA emissions standards for certain air pollutants."
This resulted in an unbelievable amount of fines; the U.S Department of Justice reports that the company will spend $14.7 billion (yes, with a "b") settling the case. They will be buying back almost 500,000 vehicles.
So what does this mean for New Yorkers? Well, if you are one of the 21,000+ people who bought one of the vehicles, you are entitled to $5,100 and a full buy-back of your car for retail price. Of course, if you like your vehicle, you can just take the $5,100 and keep the car.
Additionally, the state will be receiving $115 million to go toward clean air initiatives and $30 million to the state's general fund, according to the Associated Press.