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JUDGE APPROVES $14.7 BILLION VW SETTLEMENT

Reuters.com (via THE WEEK) reports that Volkswagen will start buying back 475,000 polluting diesel vehicles sold to U.S. customers starting in mid-November.  A U.S. judge has approved the German automaker's $14.7 billion deal with federal regulators and car owners this week over its diesel emissions cheating scandal, "one of the biggest corporate settlements on record".

Volkswagen agreed to spend roughly $10 billion on buybacks and additional compensation for owners, plus $4.7 billion on clean air programs.  The company still faces lawsuits from at least 16 states, as well as Justice Department fines for violating clean air laws.

Posted by Allen L Phillips

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