Good news, owners of Volkswagen, Audi and Porsche models powered by a 3.0-liter TDI engine — your heavily polluting diesel probably won’t have to be bought back and scrapped.
Category: Law and Order
Imagine for a second that the cash Volkswagen must now spend to get itself out of trouble in the U.S. was a pile. It would be a great day for tobogganing.
The initial settlement for the diesel emissions scandal — vehicle buyback, compensation, make-the-air-nice-again programs — rings in at $14.7 billion, but the automaker has roughly $18 billion set aside to handle all of the American fallout.
When it comes to cash, the bigger the number, the harder it is to imagine what that figure really looks like. What could it buy? How many bananas is that? Well, there are countries that make less money in a year than Volkswagen, maker of the Jetta, just paid out to one country. (Keep in mind, there’s more countries waiting in the wings for their cash.) Read More >
Christmas is coming early for owners of polluting Volkswagen TDI models now that the automaker has agreed to pay up to $14.7 billion to settle claims in the diesel emissions scandal.
Volkswagen’s settlement with the federal government, owners and regulators will see it buy back some 475,000 2.0-liter diesel vehicles in the U.S. at pre-scandal values and offer their owners up to a cool $10,000 in extra compensation, according to figures reported by the New York Times. Read More >
It didn’t take long for perennial automotive litigant Hagens Berman Sobol Shapiro to assemble a class action lawsuit against Fiat Chrysler Automobiles in the wake of actor Anton Yelchin’s death.
The Seattle-based law firm filed suit against FCA yesterday, alleging the recalled Monostable gear shift levers in certain models pose a risk to drivers, and could have contributed to Yelchin’s death. The firm, acting on behalf of three clients in California, Florida and Ohio, called the shifters “dangerously defective” and demanded a jury trial. Read More >
Owners of the 482,000 2.0-liter TDI models caught up in the diesel emissions scandal will get cash compensation tied to the age of their vehicle, anonymous sources said today.
Volkswagen won’t release details on its buyback/fix/remediation plan until Tuesday of next week, but sources briefed on the matter blabbed to the media despite a court-imposed gag order. The Associated Press puts the cost of settling the U.S. fallout at $10.2 billion, with some of that money going towards government penalties.
It’s already known that Volkswagen plans to buy back (or fix, at the owner’s request) 2.0-liter diesel models sold from 2009 on. What’s murky is whether the figures quoted by the sources relate to the vehicle buyback or the separate compensation expected to be handed to owners. Read More >
Let’s hope the cutlery was plastic and the sandwiches didn’t come with toothpicks.
Amid an investigation into the emissions scandal that recently ensnared the company’s ex-CEO and current brand chief, Volkswagen shareholders big and small gathered today to calmly discuss the company’s actions and finances.
By all accounts, the calm didn’t last. Read More >
Statistics show that, as a whole, teen drivers are unsafe, and could easily saddle you with a huge repair bill.
So, what’s the best state to live in if you’re planning to hand your keys to someone aged 15 to 24? A new study by WalletHub maps it out, ranking each state based on three categories — safety conditions, driving laws and economic environment.
Read More >
A day after German prosecutors announced an investigation into former Volkswagen CEO Martin Winterkorn, the company’s brand chief was named as the second executive placed under the microscope in their probe of the diesel emissions scandal.
The first suspect identified by German prosecutors in their probe of the Volkswagen diesel emissions scandal is none other than the company’s former CEO.
It looks like a gas card mailout didn’t take all the heat off of General Motors.
After compensating owners of its full-size 2016 crossovers in the wake of the recent fuel economy controversy, a class action lawsuit filed in a California court is pointing the finger at older models and demanding the automaker pay up. Read More >