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Jun 29, 2016

VOLKSWAGEN TO SPEND $10 Billion * USA: Emissions Scandal

* DC - VW emissions settlement to give owners choices
--- If the settlement with owners and government agencies is approved by a federal judge — which could happen as early as this fall — Volkswagen will spend up to $10 billion to either buy back or fix the cars and compensate owners for their trouble... Here are answers to questions about the deal, which is the largest class-action settlement in the history of the American auto industry: In either case, if you owned the car on or before Sept. 18, VW will pay you $5,100 to $10,000 for your trouble, depending on the age of the car and whether you owned it on or before Sept. 18. Buybacks will begin this fall if the settlement is approved. Owners will have until Sept. 1, 2018 to make a decision... You’ll get bigger payments for your trouble if you owned your car on or before Sept. 18, 2015. The payments are smaller if you bought it after that. VW also will buy out your lease if your vehicle was leased through Volkswagen Credit... 
(Photo: Eric Risberg / AP: Elizabeth Cabraser is the lead attorney for consumers who sued Volkswagen. The class-action deal is the largest in U.S. auto history)   --   Detroit, MICH, USA - Associated Press/The Detroit News, by Tom Krisher - June 28, 2016


* DC - VW faces long recovery after $14B emissions settlement



--- Volkswagen is facing a long road back to recovery after agreeing to spend $14.7 billion to settle consumer lawsuits and government allegations that it rigged hundreds of thousands of cars to cheat U.S. emission standards. Federal regulators called the agreement “historic” on Tuesday... The settlement was filed with a U.S. District Court in San Francisco. It calls for Volkswagen to pay more than $10 billion to either buy back or repair about 475,000 2-liter diesel vehicles that were sold between 2009 and 2015 and were built with devices to trick emissions testers... The company also will compensate owners who purchased 2-liter diesels before September 2015 with payments of $5,100 to $10,000, depending on the age of their cars... In addition, the German automaker will pay $2.7 billion into a federal environmental mitigation trust fund and spend another $2 billion for research on zero-emissions vehicles under the settlement... Analysts said the settlement is just the beginning of Volkswagen’s attempt to get out from under the shadow hanging over its brand since the emission scandal begin last September... 
(Photo: Markus Schreiber / AP: In this Oct. 5, 2015, file photo, the VW sign of Germany's Volkswagen car company is displayed at the building of a company's retailer in Berlin) -- Washington, DC, USA - The Detroit News, by Keith Laing - June 28, 2016

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