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VW’s $14.7 billion diesel-cheating settlement gets go-ahead

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.

By Kartikay Mehrotra, Margaret Cronin Fisk | Updated on July 26, 2016
Drivers who participate in the deal will get at least $5,100 each as part of a buyback program that will begin in October and run through June 30, 2019. (Photo: Shutterstock)

(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.

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