(Bloomberg) – Volkswagen AG's settlements to get 482,000 emissions-cheating diesel cars off U.S. roads won a preliminary go-ahead from a federal judge, clearing a path for Germany's largest automaker around the biggest obstacle to recovery from the scandal.
The plan for buybacks and a possible fix covers car owners, the U.S. government and 44 states and will cost the company about $15.3 billion if the agreements are fully adopted. That includes VW's $603 million accord with the states that isn't part of the settlement before U.S. District Court Judge Charles Breyer in San Francisco.
"An enormous effort has been devoted to achieving a series of goals," Breyer said Tuesday in court, where he set a final approval hearing for Oct. 18. "I think from what I've seen, those goals have been achieved, at least preliminarily."
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