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VW emissions settlement means $145M for NYS

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New York's Attorney General says Volkswagen's unprecedented settlement for deliberately cheating on emissions tests will mean more than $145 million coming directly to the state.

State AG Eric  Schneiderman says between 2008 and 2015, Volkswagen and its subsidiaries Audi and Porsche sold New Yorkers more than 25,000 cars with emissions systems that were nowhere as green and clean as the automaker claimed. As a result, consumers found themselves with cars would not pass state emissions testing.

Schneiderman says the $15 billion settlement provides consumers with the option of either a buyback or a fix.

"Car owners will be able to sell their cars back to Volkswagen at the price they were worth before the emissions scandal broke last fall, plus they'll get at least $5,000 on top of that. The precise amount varies according to the model," he said. "And, as an alternative, car owners will have the option of keeping their cars and demanding that that VW modify their emissions systems and still receive at least $5,000."

He says because of the settlement, $115 million will be coming directly to New York State for environmental projects to improve air quality and another $30 million in penalties will be coming to the state because of VW's deceptive marketing practices. In addition, Schneiderman says over the next decade, the automaker has agreed to invest in zero-emission electric vehicles.