Mexican Media Brands
VW To Pay U.S. Dealers $1.2 Billion in Compensation
Volkswagen AG says it has agreed to distribute $1.2 billion (€1.1 billion) to its 652 dealers in the U.S. to compensate them for the company’s diesel emission scandal.
#legal
Share
Volkswagen AG says it has agreed to distribute $1.2 billion (€1.1 billion) to its 652 dealers in the U.S. to compensate them for the company’s diesel emission scandal.
The payments are to resolve “alleged past, current and future claims of losses in franchise value," according to the company. VW's U.S. dealers have been blocked by government regulatory agencies for the past 12 months from selling diesels that the company rigged to evade emission standards.
The deal must be approved by San Francisco federal court judge Charles Breyer. He also is scheduled on Oct. 18 to finalize a June settlement under which VW will spend $10.6 billion to buy back or fix 475,000 cheater diesels in the U.S.
Documents filed on Friday on behalf of affected owners indicate that two-thirds already have signed up for the plan, the Financial Times reports. The owners also will receive between $5,100 and $10,000 from VW regardless of whether they opt to keep or sell their cars. Fewer than 1% of the owners have opted out of the offer. Undecided VW customers have another 12 months to choose.
RELATED CONTENT
-
GM Develops a New Electrical Platform
GM engineers create a better electrical architecture that can handle the ever-increasing needs of vehicle systems
-
TRW Multi-Axis Acceleration Sensors Developed
Admittedly, this appears to be nothing more than a plastic molded part with an inserted bolt-shaped metal component.
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
