#vw settlement

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VW fallout: Judge approves largest auto-scandal settlement in U.S. history

Business

VW fallout: Judge approves largest auto-scandal settlement in U.S. history

U.S. District Judge Charles Breyer on Tuesday approved a nearly $15 billion court settlement — the largest auto-scandal settlement in the nation's history — of most claims against Volkswagen for its emissions-cheating scandal. Under the settlement, owners of the affected cars have until Sept. 1, 2018, to decide whether to have the car fixed or repurchased. Volkswagen could start buying back the cars as early as next month, if the owner submits a claim.

The settlement is fair, reasonable and adequate.

U.S. District Judge Charles Breyer

Volkswagen admitted last year that about 475,000 VWs and Audis with 2-liter four-cylinder diesel engines were programmed to cheat on emissions tests. The settlement releases legal claims from most of the 2-liter VW owners, but it doesn't affect larger 3-liter six-cylinder diesels, which also cheated on tests. The settlement also doesn't end any claims against parts supplier Robert Bosch, which drew up the cheating software.

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Volkswagen reaches $14.7bn emissions settlement, sources say

Business

Volkswagen reaches $14.7bn emissions settlement, sources say

Volkswagen diesel owners can choose to either sell their car back to the company or get a repair that could diminish the vehicle's performance under a settlement of claims tied to the German carmaker's emissions-cheating scandal. The settlement will cost VW $14.7 billion, a person briefed on the settlement talks said Monday, but does not resolve all the legal issues stemming from its admission that nearly a half million vehicles with 2-litre diesel engines were programmed to turn on emissions controls during government lab tests and turn them off while on the road. The figure represents the largest auto scandal settlement in U.S. history.

At this moment, I don't know anything more than I did a couple of months ago.

Jetta SportWagen owner Don Marron, a banker from Pennsylvania

The deal sets aside $10 billion to repair or buy back roughly 475,000 polluting Volkswagen vehicles. Whether they choose to have BW buy back their vehicle or repair it, they will receive a payment of $5,100 to $10,000, the source said. Owners who choose to have VW buy back their cars would get the clean trade-in value from before the scandal became public in September 2015. The average value of a VW diesel has dropped 19 percent since just before the scandal began. The German automaker had fitted many of its cars with software to fool emissions tests and had put dirty vehicles on the road. Investigators determined that the cars emitted more than 40 times the legal limit of nitrogen oxide, which can cause respiratory problems in humans. Car owners and the U.S. Department of Justice sued.