The federal government on Monday announced a $300 million settlement with Korean automakers Hyundai Motor Co. and Kia Motors Corp. related to allegations the companies overstated fuel-economy performance. The settlement was with the Environmental Protection Agency and Justice Department. This was the largest amount ever paid for Clean Air Act violations, according to the EPA and DOJ. Hyundai and Kia understated emissions of greenhouse gases by about 4.75 million metric tons over the estimated lifetimes of certain vehicles. The automakers will pay a $100 million civil penalty and forfeit 4.75 million greenhouse gas emission credits valued at more than $200 million, the government said.
Copyright © 2014 MarketWatch, Inc.