Search
 

VW’s $14.7 billion diesel-cheating settlement gets go-ahead

The plan for buybacks and a possible fix covers car owners, the U.S. government and 44 states and will cost the company about $15.3 billion if the agreements are fully adopted.

By Kartikay Mehrotra, Margaret Cronin Fisk | Updated on July 26, 2016
Drivers who participate in the deal will get at least $5,100 each as part of a buyback program that will begin in October and run through June 30, 2019. (Photo: Shutterstock)

(Bloomberg) – Volkswagen AG’s settlements to get 482,000 emissions-cheating diesel cars off U.S. roads won a preliminary go-ahead from a federal judge, clearing a path for Germany’s largest automaker around the biggest obstacle to recovery from the scandal.

The plan for buybacks and a possible fix covers car owners, the U.S. government and 44 states and will cost the company about $15.3 billion if the agreements are fully adopted. That includes VW’s $603 million accord with the states that isn’t part of the settlement before U.S. District Court Judge Charles Breyer in San Francisco.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.