Ever since the Dieselgate scandal broke last year, U.S. Volkswagen owners have been wondering just how they will be compensated. Volkswagen recently released the proposed terms of the class-action settlement. The terms were released on Tuesday, June 28th.
In the largest civil settlement in automotive history, Volkswagen has said that it will pay up to $10 billion to buy back cars and compensated U.S. vehicle owners.
The automaker will also have to pay $5 billion in environmental reparations.
The details, which were reached as part of a court-appointed deadline are roughly in line with what has been reported in recent weeks.
The settlement terms still need to be approved by a judge. As such, U.S. vehicle owners are not likely to see their settlement for several months.
The proposed settlement would resolve lawsuits that have been brought by car owners against the company. The lawsuits allege that the owners bought vehicles they thought were “clean” but were actually releasing pollution at many times the amounts allowed by U.S. environmental regulations.
Approximately 500,000 vehicles are going to be covered under the deal. U.S. Owners will have the choice of selling their car back to Volkswagen or having the automaker repair the vehicle to bring it back into compliance. If the sell option is chosen, the automaker must pay the retail value of the vehicle before the scandal broke.
Regardless of the option they choose, owners will receive a “restitution payment” of between $5,100 and $10,000 as restitution for Volkswagen’s misconduct.
If you were affected by the Volkswagen scandal, you may be entitled to compensation. Contact the “Strong Arm” attorneys at John Foy & Associates. Our attorneys will fight to get you the compensation you deserve. Contact us today.