U.S. Judge Approves 3.0-litre Volkswagen Diesel Settlement

13 May, 2017, 10:39 | Author: Valerie Burke
  • Judge approves $1.2B Volkswagen settlement

If regulators do not approve the fixes, Volkswagen could end up paying up to $4.04 billion.

Under the VW settlement that must be approved by a USA judge, owners of 3.0 liter vehicles who opt for fixes will get compensation of between $7,000 and $16,000 from Volkswagen if emissions fixes are approved in a timely fashion. "We have to get these cars fixed or off the road and give consumers confidence they know how they're going to go forward with perhaps the biggest investment in their life or perhaps the most necessary - having a vehicle'".

Those who own newer cars will get compensation of $7,039 to $16,114.

The 3-liter settlement brings Volkswagen's tab for civil payments in the emissions scandal to around $17.4 billion, U.S. Justice Department attorney Joshua Van Eaton said in court Thursday.

At a court hearing in San Francisco, U.S. District Judge Charles Breyer also said he was granting final approval to German auto supplier Robert Bosch GmbH's separate settlement, under which it will pay $327.5 million to U.S. diesel VW owners for its role in developing the engines.

A federal judge in California on Thursday said he would approve a $1.2 billion settlement between Volkswagen (IOB: 0P6N.IL - news) and the USA authorities over the last 80,000 cars in the company's emissions-cheating scandal.

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Volkswagen still faces a shareholder class action claiming it defrauded US investors by concealing its use of defeat devices in some 11 million vehicles worldwide. The $1.2 Billion additional settlement will take the total settlement from the Volkswagen group to a record setting $22 Billion.

The earlier settlement concluded in a $14.7-billion deal, finalized in October 2016, to lay to rest claims over some 500,000 two-liter diesel engine vehicles tainted by emissions-cheating software.

In a statement, the lead counsel for the consumer plaintiffs in the case said "These agreements accomplish our goal of making the consumers harmed by Volkswagen's emissions deception whole, while repairing or removing illegally polluting vehicles from our roads".

The U.S. government has indicted six present and former Volkswagen executives and charged the company with three criminal felony counts for what regulators called a 10-year conspiracy to rig hundreds of thousands of diesel cars to cheat U.S. emission standards.

Under the terms of the separate deal, 3-liter diesel owners are to be paid up to $1,500 in compensation, while 2-liter owners will receive $350.

VW has admitted to and apologized for rigging 11 million vehicles worldwide with software to dodge emissions tests.

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