Volkswagen Looks To Settle Porsche Buyers' Complaints For Bypassing Emission Norms - Volkswagen (OTC:VWAGY)

Volkswagen AG VLKPF agreed to settle Porsche buyers’ complaints by paying a minimum of $80 million, Bloomberg reports.
The buyers alleged improperly skewed emissions and fuel economy test results.
Tests proved that fuel economy was one to two miles per gallon lower than the company advertised.
Also Read: Will Volkswagen Ever Come Out From Under Its Emissions Scandal?
Volkswagen also allegedly tested vehicles using lower gear ratios than the models it sold. The lower gear ratios led to less gasoline consumption and fewer pollutants emissions.
Therefore, buyers of specific gasoline-powered Porsches sold from 2005 to 2020 were entitled to compensation of $250 to $1,109 per vehicle.
“We have been working to develop a solution and to ensure customers are appropriately compensated,” Porsche said. “We are committed to providing our customers with transparent fuel economy and emissions data, and the agreement ensures that customers are fairly reimbursed for any ratings changes and repairs.”
By 2016 Volkswagen coughed up $15.3 billion in lawsuit settlements with US regulators, car owners, and 44 states over so-called defeat devices to dodge emission restrictions.
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