Mercedes-Benz has reached a $149.6 million settlement with U.S. states to resolve a long-running investigation into allegations of diesel emissions cheating by the German automaker, New York Attorney General Letitia James said Monday.
Virginia Attorney General Jason Miyares said the settlement extends to the estimated 39,565 U.S. vehicles that had not been repaired or permanently removed from the road by August 2023.
As part of the settlement with the states announced on Monday, the automaker must immediately pay $120 million to the states. A further $29.6 million is suspended and will be reduced by $750 for each affected vehicle Mercedes repairs, takes off the market, or buys back.
The states launched an investigation into Mercedes-Benz in 2020 following Volkswagen’s diesel emissions scandal that cost VW more than $20 billion in fines, penalties and settlements after it admitted in 2015 it had cheated emissions tests by installing “defeat devices” and sophisticated software in nearly 11 million vehicles worldwide.
Ms. Jaffray is currently senior vice president, chief financial officer, and treasurer of Frankenmuth Mutual Holding and its subsidiaries. She is on the executive committee of all companies and on the reinsurance, retirement, investment and political affairs committees.
Ms. Jaffray joined Frankenmuth Insurance in 2023 and before that held leadership roles at various insurers, including executive vice president and CFO of both CopperPoint Insurance and UFG Insurance, and senior vice president at CNA.