Volkswagen Set For Near $15 Billion Emissions Settlement
Source: The Wall Street Journal.
Volkswagen Set For Near $15 Billion Emissions Settlement
European customers could go empty handed
By William Boston
william.boston@wsj.com
@berlindiary
June 28, 2016 6:22 a.m. ET
BERLIN— Volkswagen AG , attorneys for the U.S. government and angry customers are set to announce a package of measures valued at up to $15 billion to resolve the German car maker’s emissions-cheating scandal in the U.S., though European owners of nearly three million tainted vehicles may go empty-handed.
Lawyers representing the plaintiffs are scheduled to file documents with the Federal District Court of Northern California in San Francisco on Tuesday. The documents will include details of an agreement thrashed out since February in marathon sessions among attorneys for the three sides.
Volkswagen has agreed to provide compensation for U.S. car owners worth about $10 billion, including an offer to buy back nearly 500,000 affected vehicles and provide car owners additional compensation of between $5,100 and $10,000, according to people familiar with the deal.
Volkswagen has also agreed to pay more than $4 billion into a fund to compensate for environmental damage and promote environmentally friendly vehicles. The Wall Street Journal reported terms of the agreement last week.
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--Mike Spector and Sara Randazzo contributed to this article.
Read more: http://www.wsj.com/articles/volkswagen-set-for-near-14-7-billion-emissions-settlement-1467109376
I searched before posting, but I did not see this:
Volkswagen to Pay $14.7 Billion to Settle Diesel Claims in U.S.
