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Daimler reaches deal to settle U.S. diesel emissions claims

Daimler reaches deal to settle U.S. diesel emissions claims
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BERLIN -- Daimler AG, the maker of Mercedes-Benz cars, says it has reached an agreement in principle to settle U.S. claims over emissions from its diesel vehicles for over US$2.2 billion.

The Stuttgart, Germany-based automaker said late Thursday that the agreement with various U.S. authorities concerns civil and environmental claims involving about 250,000 diesel cars and vans.

Daimler AG said in a statement that the settlement will result in costs of about $1.5 billion, while the civil suit will incur a one-off charge of about $700 million. It estimated that "further expenses of a mid three-digit-million" euros would be required to fulfil requirements of the settlements.

Daimler said its board of management and the supervisory boards of Daimler AG and Mercedes-Benz AG approved the proposed settlements, but noted that they are subject to final approval by the relevant authorities and courts.

Like rival Volkswagen and other automakers, Daimler was caught advertising lower emissions for its diesel vehicles than they actually produced.
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