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Court May Approve VW Diesel Settlement Ahead of Repair Plan
Volkswagen AG hopes to get final U.S. court approval of its $14.7 billion diesel emission cheating settlement today, even though regulators haven’t yet approved the company’s plan to fix the affected cars.
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Volkswagen AG hopes to get final U.S. court approval of its $15.3 billion diesel emission cheating settlement today, even though regulators haven’t yet approved the company’s plan to fix the affected cars.
Under the plan VW will pay some 475,000 affected owners at least $5,100 and offer to buy back or fix their vehicles. Each of the affected vehicles is powered by one of three versions of VW’s 2.0-liter 4-cylinder diesel, each requiring a different approach to bring them into compliance with U.S. emission standards.
But regulators haven’t accepted VW’s array of proposed fixes, Bloomberg News reports. Without approval, VW’s only option would be to buy back the cheater vehicles. A Bloomberg source describes the negotiations for a regulatory signoff as “fluid.”
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