Federal judge to consider Volkswagenâ€™s $15 billion settlement
A federal judge is scheduled to consider a $15 billion settlement offered by Volkswagen over its diesel emissions cheating scandal.U.S. District Court Judge Charles Breyer will consider the settlement case on Tuesday.
German automaker will have to pay whopping $15 billion in cash for settlement in the United States after it was found that the company rigged emission testing on its vehicles. The company is looking to settle with more than
500,000 U.S. diesel owners and government regulators for tis over polluting vehicles in the country.Officials said that the preliminary approval will allow attorneys to notify vehicle owners about the terms of the deal.
The settlement includes $10.033 billion to offer buybacks to owners of about 475,000 polluting vehicles and around $5 billion in funds to offset excess diesel emissions and boost zero emission vehicles in the country. The $10.033 billion is the maximum VW could pay for buying back all the vehicles but the actual amount could be lower if a large number of buyers take buybacks.
The owners will be able to use a settlement website to determine the amount they will get from the company. They can also opt out of the system and pursue their own legal options.