The Presidential Daily Brief

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    Volkswagen to Pay $14.7 Billion Over Emissions Rigging

    It’s a long road to recovery. After a global scandal involving 11 million cars fitted with software to cheat emissions standards, the German carmaker is paying up. They’ve agreed to buy back or repair all 475,000 rigged cars in the U.S. market — though they don’t yet have a mechanical fix — and pay billions into an EPA trust, plus investments into zero emissions technology. Volkswagen could also see further fines when an American legal investigation concludes, probably later this year. Probes in South Korea and Germany are ongoing.

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