Volkswagen Buybacks for 3-Liter Diesel Cars OK'd by Judge

Judge approves $1.2B Volkswagen settlement

Judge approves $1.2B Volkswagen settlement

In addition to receiving compensation ranging from $7,755 to $13,880, owners of the Generation 1 vehicles will have the option of selling their vehicles back, trading them in, or keeping them and receiving a technical fix. In a San Francisco court hearing Tuesday, Breyer said he will issue a written approval on the agreement, which also calls for Volkswagen to contribute to federal trust funds created to boost environmental protections, by May 17.

As part of the $1.22 billion settlement, VW will purchase back or fix approximately 20,000 of the "Generation 1" models, consisting of 2009-12 model year VW Touareg and Audi Q7 models, and fix more than 58,000 "Generation 2" VW, Porsche and Audi vehicles from the 2013-16 model years.

In a new development in the infamous Volkswagen Dieselgate scandal that rocked the automotive community a few years ago, a federal judge in California has ruled that he would approve a $1.2 billion settlement for a section of the cars that were affected by the emissions cheating.

Breyer said he was overruling all objections and called the settlements, in which Bosch admitted to no wrongdoing, "fair, reasonable and adequate".

If VW can't come up with an Environmental Protection Agency-authorized fix for the second group, it will be required to offer a buyback to those customers, as well, making the total settlement worth $4 billion.

The judge also approved a settlement related to Bosch, the German auto component supplier whose software VW used in its emissions cheating.

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VW previously agreed to spend up to $10 billion compensating owners of roughly 475,000 Volkswagens and Audi vehicles with 2-liter diesel engines - the bulk of the vehicles caught up in Volkswagen's emissions cheating scandal.

The company has acknowledged that the cars were programmed to turn on emissions controls during government lab tests and turn off the controls while on the road.

Owners of 3.0-liter TDI V-6-powered vehicles can opt for either a fix or a complete buy back.

"These agreements accomplish our goal of making the consumers harmed by Volkswagen's emissions deception whole, while repairing or removing illegally polluting vehicles from our roads", VW plaintiffs attorney Elizabeth Cabraser said in a statement.

In April, a federal judge in Detroit approved VW's agreement to pay a $4.3 billion penalty for misleading US regulators and customers. The $1.2 Billion additional settlement will take the total settlement from the Volkswagen group to a record setting $22 Billion.

On top of the consumer compensation, the company must also pay $225 million for environmental remediation after the 3-liter diesel vehicles spewed nitrogen oxide at excessive rates. "That is a substantial amount of progress and I don't think a company has ever attempted this complex a buyback".

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