A federal judge has approved a $14.7 billion settlement in Volkswagen’s emissions cheating case.
The settlement was approved on Tuesday and became the largest in U.S. automotive history after Volkswagen deceived regulators with software that fabricated its vehicles’ emission levels.
The deal gives 475,000 Volkswagen and Audi owners of 2-liter diesel engines reprieve and cash reimbursement. Owners can elect to have Volkswagen buy back their vehicles or modify them, along with receiving up to an extra $10,000. Lessees can terminate their VW leases without penalty.
Volkswagen has also agreed to spend an estimated $5 billion on reducing emissions, promoting zero-emissions vehicles and funding environmental programs.
According to Volkswagen, the settlement is supposed to be put in place right away and the company will hire an additional 900 employees to assist with the buybacks, stationing one employee at each of its 625 dealerships.
Volkswagen’s website, www.vwcourtsettlement.com, has specific details regarding the settlement, along with instructions for owners or lessees of impacted vehicles. The settlement terms are listed there as well.
VW Settlement Consumer Information
Owners of specified VW 2-diesel models made from 2009 through 2015 are eligible to receive a settlement of $12,500 to $44,000 from Volkswagen, depending on the model of their vehicle. Leaseholders who terminate their leases are also able to pursue cash payouts.
Once the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) approve a modification, Volkswagen owners who want to keep their vehicles can have them modified when a remedy is available.
Whether owners choose to have Volkswagen buy back their vehicles or decide to keep them, the company will give them between $5,100 and $10,000, depending on the vehicle’s model. If you own or lease a Volkswagen that was affected by the emissions cheat software, contact the class action attorneys at Greg Coleman Law. A Knoxville injury lawyer from our firm will provide you with a free consultation and determine if you are eligible to participate in a class action lawsuit.