VW owners settlement terms reached in NY

A settlement announced for owners of Volkswagons in New York. The state will get more than $115 million for environmental projects to improve air quality as part of the state’s share of a multistate settlement with Volkswagen over emissions test cheating.

Attorney General Eric Schneiderman more than 21,500 New York car owners can get cash payments of at least $5,100 and sell their diesel-engine Volkswagen and Audi cars back to the automaker for the full market value preceding the scandal.

The settlement also allows owners to take the $5,100 payment and keep their cars, waiting for possible emission system upgrades. An additional $30 million will go to the state’s general fund as part of the nearly $15 billion in U.S. settlements announced Tuesday. Schneiderman says the state’s investigation of Volkswagen and subsidiaries will continue.