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Judge Okays VW’s $1.2 Billion Diesel Settlement with U.S. Dealers
Volkswagen AG’s proposed $1.2 billion settlement to cover losses by its U.S. dealers stemming from the carmaker’s diesel engine emission cheating scandal has been approved by a District Court judge in San Francisco, Reuters reports.
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Volkswagen AG’s proposed $1.2 billion settlement to cover losses by its U.S. dealers stemming from the carmaker’s diesel engine emission cheating scandal has been approved by a District Court judge in San Francisco, Reuters reports.
VW will be allowed to distribute compensation averaging $1.9 million to each of the 650 affected dealers over an 18-month period. The total price of the settlement includes $270 million already paid to dealers and $175 million for future sales incentives based on sales volume.
The company also will allow dealers to defer capital improvements to their facilities for two years.
The $1.2 billion total brings to about $22 billion the potential payments VW faces in the U.S. to cover fines, penalties, environmental restitution and payments to owners of diesel-powered vehicles that VW admits rigging to evade emission laws.
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