VW Diesel Buybacks to Start Soon After Settlement Approval

Volkswagen next month will begin buying back diesel cars equipped with illegal emissions cheating technology following final approval of a $14.7 billion settlement (In Re Volkswagen “Clean Diesel” Marketing, Sales Practices and Products, N.D. Cal., 3:15-md-2672, 10/25/16).

Under the settlement, which U.S. District Court Judge Charles Breyer approved Oct. 25, Volkswagen will spend up to $10 billion to compensate people who purchased or leased hundreds of thousands of 2.0-liter diesels, including various model years of the VW Jetta, Passat and Golf. The settlement also requires Volkswagen to commit $4.7 billion for projects ...