As part of a $1.2 billion settlement over its diesel emissions scandal, 650 Volkswagen dealers in the U.S. will receive an average of $1.85 million in compensation, to be paid over a period of 18 months.
In addition to the compensation package, the settlement also includes a commitment of $270 million for prior payments and $175 million allocated towards volume-based sales incentives. VW also agreed to allow dealers to postpone capital improvements for a period of up to two years.
In ratifying the agreement, U.S. District Judge Charles Breyer indicated that he considered the ruling to be “fair, reasonable, and adequate.”
Since admitting in September 2015 that it had installed illicit software in its diesel cars to cheat emissions tests, VW has agreed to pay out over $22 million in the U.S. to settle claims from owners, dealers, regulators and states.
Read full article at: Reuters »