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VW Gets Court Okay for Diesel Cheating Settlement
A federal district judge in San Francisco has granted preliminary approval for Volkswagen AG’s $10 billion plan to buy back or fix 475,000 diesel-powered vehicles in the U.S. that were rigged to sidestep emission standards.
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A federal district judge in San Francisco has granted preliminary approval for Volkswagen AG’s $10 billion plan to buy back or fix 475,000 diesel-powered vehicles in the U.S. that were rigged to sidestep emission standards.
Under the plan, VW will offer to pay owners $5,100 plus the value of their vehicle before the scandal broke last September. The plan’s acceptance by Judge Charles Breyer moves VW closer to being able to advise owners about the amounts of specific car-by-car offers.
The settlement requires VW to buy back or fix at least 85% of the targeted vehicles by July 2019 or face additional penalties. Owners aren’t required to accept either offer from VW and can opt to continue driving their vehicles as-is.
The agreement worked out with the Environmental Protection Agency and California Air Resources Board requires VW to pay an addition $4.7 billion over 10 years for two programs. One will promote zero-emission vehicles, and the other will fund efforts to retrofit old diesel buses to reduce their emissions.
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