Judge approves $15B Volkswagen settlement

 

A federal judge on Tuesday approved one of the largest consumer settlements in U.S. history, a nearly $15 billion U.S. deal concerning Volkswagen Group’s diesel car emissions scandal.The settlement sets in motion a massive vehicle buyback program and environmental remediation efforts.U.S. District Court Judge Charles Breyer in San Francisco approved the sweeping agreement between consumers, the government, California regulators and the German automaker in a written ruling a week after signaling he was likely to sign off. He said the agreement is “fair, reasonable and adequate.”The settlement comes about a year after Volkswagen admitted that it rigged 11 million vehicles worldwide with software designed to dodge emissions standards.The company is still facing criminal investigations by the U.S. Justice Department and German prosecutors. The U.S. probe could lead to additional financial penalties and criminal indictments.About 475,000 Volkswagen owners in the U.S. can choose between a buyback or a free fix and compensation, if a repair becomes available. VW will begin administering the settlement immediately, having already devoted several hundred employees to handling the process.”The priority was to get the polluting cars off the road as soon as possible. The settlement does that,” Breyer said in his ruling, adding that even “under heightened scrutiny” the deal is laudable.

Källa: Judge approves $15B Volkswagen settlement