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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: 2, Insightful) by khallow on Thursday October 27 2016, @03:53AM

    by khallow (3766) Subscriber Badge on Thursday October 27 2016, @03:53AM (#419273) Journal
    It's not the owner's problem at all. They're getting better performance and gas mileage as a result of this test dodge. That's why this car buy-back is going on. They might not get a lot of compliance for free repair service from owners who don't want their cars nerfed. But they sure will do better with a buy-back that pays well over market rate (looks like it'll be cash not vouchers in kind) for their cars.
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