US Judge Orders Volkswagen To Pay $15 Billion, Repurchase 475,000 Cars

Loading...
Loading...
According to a
Reuters report,
a U.S. federal judge approved a $14.7 billion settlement in which
Volkswagen AG (ADR)VLKPYVLKAY
will compensate car owners who purchased a diesel vehicle.

Judge Charles Breyer approved the settlement, which will see the German carmaker spend up to $10.033 billion on buybacks and owner compensation and $4.7 billion on programs to offset excess emissions and support green technologies and vehicle projects.

An estimated 475,000 owners of diesel vehicles could benefit from Volkswagen's settlement.

Volkswagen was caught cheating on exhaust emission tests in 2015. The company used secret software in its diesel cars that made them appear to be cleaner than they really are.

Full ratings data available on Benzinga Pro.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsLegalMediaReutersVolkswagenVolkswagen Emission Scandal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...