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Wednesday, October 19, 2016

U.S. Judge 'Strongly Inclined' To Approve VW's Buyback Scheme

A federal judge in the United States will decide on October 25 whether or not to approve #Volkswagen's buyback scheme.

While speaking at a U.S. District Court hearing, Judge Charles Breyer said that he is “strongly inclined” to approve the $10.03 billion settlement, reports Automotive News.

If Breyer gives the thumbs up to the settlement, it will allow Volkswagen to begin buying back up to 475,000 vehicles equipped nationally with the brand's 2.0-liter diesel engine found to have cheated emissions testing.

It is reported that over 330,000 affected VW owners have registered to the settlement while approximately 3,200 owners have opted out of receiving benefits from the settlement. An additional 460 objections have been filed.

Alongside receiving the market value of their vehicle before the scandal broke, affected owners can receive $5,100 to $10,000 in additional compensation. If owners choose, they can have their vehicles repaired rather than having them bought back by VW.

In a statement issued after Breyer's in-court comments about the deal, Volkswagen said “The parties believe that the proposed 2.0L TDI settlement program will provide a fair and reasonable resolution for affected Volkswagen and Audi customers in the United States and we welcome Judge Breyer’s positive comments during today’s hearing.”


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