Volkswagen to offer buybacks, payouts for affected diesel owners
Reuters is reporting that Volkswagen and the US Department of Justice have reached a "deal in principle" regarding VW's over-polluting diesels. Volkswagen did not immediately return a request for comment.
The meat and potatoes of the deal involves money, and lots of it. According to Reuters, the full settlement between the US and VW should involve buybacks, where Volkswagen reacquires its dirty diesels by buying them off owners, along with additional payouts to owners based on lost value or other factors.
There will also be an environmental remediation fund, because the atmosphere didn't walk away from this debacle unscathed. Suffice it to say, Volkswagen will be paying out the ass for its misdeeds. Reuters' sources claim this agreement will cost VW at least \\$10 billion.
We won't know the full story, including specific figures, until late June. That's when the involved parties must file preliminary proposals on this settlement, and that's followed by a preliminary hearing in late July. While this is far from over, it appears there will actually be an end to all this.
Volkswagen came under intense global scrutiny after it admitted to installing "defeat device" software in its vehicles. This software could intentionally curb emissions in lab-testing environments, only to have those vehicles pollute well above legal limits once they're out on the road. This software is installed on some 11 million vehicles worldwide.
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