VW announces US deal resulting from diesel emissions scandal
On Thursday, beleaguered German automaker Volkswagen AG (VW) announced a US deal resulting from its diesel emissions scandal. The sweeping deal which VW has struck with the US officials involves a buy back – or potential repair – of nearly 500,000 diesel cars equipped with secret ‘defeat device’ software to cheat exhaust emissions tests in the US.
For the framework of the deal, VW worked out the necessary details with the US Department of Justice, the US Environmental Protection Agency, the Federal Trade Commission, and the state of California, along with lawyers representing car owners who have filed class-action civil lawsuits against the automaker.
The tentative deal was outlined on Thursday by Senior US District Judge Charles Breyer, who is presiding over the legal scuffle related to VW’s diesel emissions cheating scandal.
With Breyer having revealed that VW’s US deal will include "substantial compensation" for the affected owners of diesel vehicles sold by VW during the period between 2009 and 2015, sources and analysts are speculating that VW will probably have to shell out approximately $10 billion for the buyback.
About VW’s US deal, San Francisco attorney Michael Steel said: "Although it is too soon to tell whether VW owners will be satisfied, and there are still other liabilities that must be addressed, this is the beginning of the end of the story."
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