Federal judge grants preliminary approval to VW’s $15B settlement

Federal judge grants preliminary approval to VW’s $15B settlement

According to a Reuters report, beleaguered German automaker Volkswagen (VW)’s $15 billion settlement over its emissions cheating scandal has received preliminary approval from a federal judge.

The settlement – which includes an option of buyback of the scandal-hit 2.0-liter diesel vehicles by VW – was granted preliminary approval by US District Judge Charles Breyer on Tuesday. Judge Breyer has been overseeing the consumer lawsuits and government allegations related to VW’s diesel engines which cheated on US emissions tests.

With VW’s settlement having won preliminary approval from Judge Breyer, the automaker will now be able to start discussing buyback terms with the affected owners of its 2.0-liter diesel vehicles.

The buyback terms will likely be discussed through a website on which affected owners can fill in the details about their vehicles and find out the amount the settlement will pay out.

Going by the terms of the settlement deal, VW will spend $10 billion to buy back or repair nearly 475,000 Volkswagens and Audi vehicles which are equipped with 2.0-liter diesel engines, along with paying an additional amount of between $5,100 and $10,000 to each of the affected owners. In addition, the settlement also includes a $2.7 billion spending by VW for unspecified environmental mitigation, and another $2 billion for promoting zero-emissions vehicles.

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