VW settles emissions case with majority of German claimants

By -

HAMBURG — Volkswagen has reached settlements with 200,000 of the 260,000 claimants participating in a class action lawsuit brought by German consumer group VZBV over the company’s rigging of diesel emissions tests, VW said.

A further 21,000 cases were still being reviewed for possible payouts of 1,350 euros to 6,250 euros ($1,464.35 to $6,779.38) per car and the deadline for participating in the settlement has been extended to April 30, VW said on Monday. The exact amount depends on the age and model of the owner’s car.

VW will pay out a total of 620 million euros ($673 million). It had set aside 830 million to cover the costs of settlements with all participants of in the VZBV class action.

The deal marks a further step in the automaker’s efforts to make amends after it admitted in 2015 to using illegal software to cheat U.S. diesel engine tests.

The effort has cost Volkswagen more than $30 billion in vehicle refits, fines and provisions.

Nearly all U.S. owners of affected cars agreed to take part in a $25 billion settlement in 2016 in the United States, but VW has said there was no legal basis for consumers in Germany to seek compensation due to differences in law.

Source link

Saurabh Shukla

Leave a Reply