VW to fork out $15b over cheatings

Volkswagen AG's price tag to settle lawsuits in the US over its rigging of diesel emissions tests has jumped to more than $15 billion - $5 billion more than previously reported - on the eve of a settlement to be filed on Tuesday in a San Francisco court.

Under the deal, VW will set aside up to $10.03 billion to cover costs including buying back vehicles at pre-scandal values and compensating drivers as much as $10,000 per car for their troubles, two people familiar with the negotiations said. Those figures could rise if VW misses certain deadlines.

In addition, Volkswagen will pay $2.7 billion in fines that will go to the US Environmental Protection Agency and the California Air Resources Board, and invest $2 billion in clean-emissions technology, one of the people said. The carmaker is also expected to announce a settlement with states, including New York, for about $400 million, another person said.