10:06 am, January 24, 2017
VOLKSWAGEN AG’s dealers in the US will receive an average of $1.85 million (£1.4m) in a $1.2 billion (£961m) settlement over the diesel emissions scandal, which was approved on Monday by a US judge.
In total, VW has now agreed to spend as much as $22bn (£17bn) in the US to redress issues over the emissions scandal. This also includes claims from owners and emissions regulators.
The judge ruled that the settlement, in which 650 dealers will be paid over 18 months, is ‘fair, reasonable and adequate’.
Steve Berman, managing partner of Hagens Berman and lead attorney for the dealers, said: ‘The Volkswagen-branded franchise dealer class-action settlement finalised today represents an outstanding result for Volkswagen’s affected franchise dealers who, like consumers, were blindsided by the brazen fraud that VW perpetrated.’
The settlement also includes $270m (£216m) through a provision for prior payments and $175m (£140m) in future sales incentives, on top of the $1.2bn (£961m), so the firm Hagen Berman have said the settlement is worth $1.6bn (£1.2bn).
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