Report: Volkswagen to Pay $175M to Vehicle Owners

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A U.S. flag flutters in the wind above a Volkswagen dealership in Carlsbad, California, U.S. May 2, 2016. REUTERS/Mike Blake/File Photo (Copyright Reuters 2016)

Volkswagen AG <VOWG_p.DE> has agreed to pay $175 million to U.S. lawyers suing the German automaker on behalf of 475,000 polluting vehicle owners, two people briefed on the agreement said Friday.

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In August, lawyers representing the owners sought up to $332.5 million in fees and costs for their work in a $10 billion settlement. The latest costs means VW has agreed to spend up to $16.7 billion to compensate U.S. owners and address claims from states, federal regulators and dealers.

 

(Reporting by David Shepardson)