Today: Thursday, 25 April 2024 year

US files Volkswagen settlement, details buybacks

US files Volkswagen settlement, details buybacks

A dieselgate for Volkswagen AG was really terrible, so now, the company has agreed to a settlement worth more than $15 billion. On June 28, the court issued its special official document.

Volkswagen is experiencing its worst times, on Tuesday the US Justice Department filed a proposed consent decree that confirms VW will set aside a billion as a compensation for ‘dieselgate’. Among other payments, VW will reimburse $10.033 billion to cover buybacks/fixes, $2 billion as financial support of the green energy funds and $2.7 billion to offset diesel emissions.

Meanwhile, the shares of German company were up 3.4 percent, it is the only one good news so far for Volkswagen. VW is going on to make another settlement, which’ll cover payments in 44 US states, the District of Columbia and Puerto Rico — all this will cost VW at least $600 million.

As a result of dieselgate, the owners of VW autos will get at least $5,100 in compensation, which will be plused to the pre-scandal cars’ price. In fact, the actual sums VW will spend on buybacks could be much less if regulators approve fixes and owners opt to get vehicles repaired.