Volkswagen's price tag to settle lawsuits in the U.S. over its rigging of diesel emissions tests has reached to more than $15 billion - $5B more than previously reported - with a settlement expected to be filed today in U.S. District Judge Charles Breyer courtroom by noon San Francisco time.
Car owners will get $10 billion in total, which covers both the value of their vehicles before the scandal became public last September and compensation payments of as much as $10K apiece, which could rise if VW misses certain repair deadlines, according to the report.
In addition, VW reportedly will pay $2.7 billion in fines to the EPA and the California Air Resources Board, and may spend an additional $2 billion on clean emissions technology; VW also is expected to announce a settlement with states, including New York, for $400 million.
If Judge Breyer approves the settlement plan, owners will have to surrender their cars or agree to have them retrofitted to meet emission standards. VW is looking for 85 percent of owners to trade in their vehicles under the terms of the settlement.
VW's legal troubles are not yet over as the company still faces civil and criminal actions in Germany and South Korea .
Richard Hilgert, an analyst at Morningstar Equity Research, says the total economic impact of the emissions scandal - including government fines, dealer payback, repair costs, vehicle purchases, litgation costs, and damages awards - could reach 55 billion euros ($60,894,625,000 U.S.)