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U.S. Judge Approves VW’s $14.7 Billion Diesel Settlement
U.S. District Court Judge Charles Breyer has approved Volkswagen AG’s $14.7 billion agreement to settle claims over 475,000 vehicles powered by 4-cylinder diesel engines that were rigged to evade emission standards.
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U.S. District Court Judge Charles Breyer has approved Volkswagen AG’s $14.7 billion agreement to settle claims over 475,000 vehicles powered by 4-cylinder diesel engines that were rigged to evade emission standards.
The package include as much as $10 billion to compensate owners between $5,100 and $10,000 each and either fix or buy back their vehicles. About 340,000 owners have already opted to join the program. VW also will pay $2.7 billion into an environmental remediation fund and $2 billion to fund national programs that promote zero-emission vehicles.
VW separately has agreed to spend about $2 billion more to compensate dealers and pay state-level fees. Yet to be resolved are similar emission cheating issues with 85,000 V-6 diesels sold by Audi, Porsche and VW in the U.S.
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