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VOL. 40 | NO. 26 | Friday, June 24, 2016

Tennessee to receive $12.6M share of Volkswagen settlement

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NASHVILLE (AP) - Tennessee is in line to receive a $12.6 million share of Volkswagen's settlement with the states over deceptive trade practices in the sale of diesel vehicles designed to cheat emissions testing standards, the state attorney general's office announced Tuesday.

The German automaker agreed to pay the states more than $1,000 per car that violated consumer protection laws, totaling $570 million nationwide. The state is also eligible to receive $42 million in support of environmental programs to reduce emissions.

Republican Gov. Bill Haslam lauded the settlement with Volkswagen, which builds cars at its lone U.S. plant in Chattanooga.

"The governor believes today is a positive step for both consumers and Volkswagen toward returning the focus to Tennesseans making great cars," Haslam spokeswoman Jennifer Donnals said in an email.

The settlement with the states follows an announcement that Volkswagen will spend $15.3 billion to settle consumer lawsuits and government allegations that it cheated on emissions tests in what lawyers are calling the largest auto-related class-action settlement in U.S. history.

The company agreed to buy back or repair about 475,000 vehicles with cheating 2-liter diesel engines and to compensate owners with payments of $5,100 to $10,000. The settlement also includes $2 billion for research on zero-emissions vehicles.

"When a company exploits its own customers and misleads regulators the way Volkswagen did, it should be penalized," state Attorney General Herbert Slatery said in a news release. "This settlement is a stiff but reasonable penalty for Volkswagen's deception and most importantly, it is a fair result for consumers."

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PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0