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Volkswagen's $14.7 Billion Settlement Approved, Buybacks Begin Next Month

posted by martyb on Wednesday October 26 2016, @11:13PM   Printer-friendly
from the wheels-of-justice dept.

takyon writes:

Volkswagen AG's $14.7 billion settlement with the U.S. government, State of California, and vehicle owners has been approved, and the company will begin buying back affected vehicles in mid-November:

It represented one of the biggest corporate settlements of any kind. The action by U.S. District Judge Charles Breyer in San Francisco marked a pivotal moment for VW as it aims to move past a scandal that has engulfed the company since it admitted in September 2015 to installing secret software in diesel cars to cheat exhaust emissions tests and make them appear cleaner than they really were.

[...] Breyer turned away objections from car owners who thought the settlement did not provide enough money, saying it "adequately and fairly compensates" them. In addition to the pre-scandal "trade in" value of the vehicle, owners will receive $5,100 to $10,000 in additional compensation. "Given the risks of prolonged litigation, the immediate settlement of this matter is far preferable," Breyer wrote.

Also at USA Today , NPR, The Los Angeles Times , and The Denver Post (AP).

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  • (Score: 0) by Anonymous Coward on Thursday October 27 2016, @03:47AM

    by Anonymous Coward on Thursday October 27 2016, @03:47AM (#419270)

    A friend in CA bought a used diesel Jetta a few months before the cheating story broke. He's quite happy with the buyback offer, it is considerably more than he paid for the car, maybe 20% more(not sure of exact amount).

    At the same time, he really likes the car and he's going to miss it. I think this might be a common response among VW diesel owners.

  • (Score: 0) by Anonymous Coward on Friday October 28 2016, @11:10PM

    by Anonymous Coward on Friday October 28 2016, @11:10PM (#419988)

    At the same time, he really likes the car and he's going to miss it. I think this might be a common response among VW diesel owners.

    1. Buy used diesel VW.
    2. Sell it back for more than you paid for it.
    3. Use buy back money to buy another used diesel VW.
    4. Profit?

    Though it's likely any fixed car he would buy in step 3 would not have the performance and economy of the car in step 1. Though given VW's poor reliability record and high repair costs, he might have dodged a bullet.