US judge approves $15bn Volkswagen emissions settlement

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>A US federal judge has approved a 15 billion dollar &lpar;€13&period;4bn&rpar; court settlement of most claims against Volkswagen over its emissions-cheating scandal&period;<&sol;p>&NewLine;<p>District judge Charles Breyer signed the order in San Francisco&comma; approving the largest car scandal settlement in American history&period;<&sol;p>&NewLine;<p>About 475&comma;000 owners of VWs and Audis with two-litre four-cylinder diesel engines will now be able to seek buybacks of their vehicles&comma; starting next Tuesday&period;<&sol;p>&NewLine;<p>Most of the owners are expected to sell their cars back to VW after the company acknowledged cheating on emissions testing&period;<&sol;p>&NewLine;<p>In addition to having their cars bought back&comma; owners can expect to receive payments of 5&comma;100-10&comma;000 US dollars &lpar;€4&comma;600-€9&comma;000&rpar;&period;<&sol;p>&NewLine;<p>Judge Breyer wrote&colon; &&num;8220&semi;The settlement is fair&comma; reasonable and adequate&period;&&num;8221&semi;<&sol;p>&NewLine;<p>VW will pay legal fees and costs&comma; including up to 324 million dollars &lpar;€297m&rpar; in fees and 8&period;5 million dollars &lpar;€7&period;7m&rpar; in out-of-pocket costs&period;<&sol;p>&NewLine;<p>While the settlement releases legal claims from most of the two-litre VW owners&comma; it does not affect larger three-litre six-cylinder diesels&comma; which also cheated on tests&period; The settlement also does not end any claims against parts supplier Robert Bosch&comma; which drew up the cheating software&period;<&sol;p>&NewLine;<p>Judge Breyer gave preliminary approval to the settlement in July&period; The order says that 336&comma;612 owners of two-litre diesels have registered for the settlement and 3&comma;298 have opted out&period;<&sol;p>&NewLine;<p>VW must make payments available within 10 business days from Tuesday&comma; according to the order&period;<&sol;p>&NewLine;<p>Judge Breyer wrote that the priority was to get the cars off the road as soon as possible&comma; and the settlement accomplishes that&period;<&sol;p>&NewLine;<p>The polluting cars emitted as much as 40 times the allowable limit for nitrogen oxide&comma; a gas which can cause human respiratory problems&period;<&sol;p>&NewLine;<p>The settlement calls for the German car giant to spend up to 10 billion dollars &lpar;€9bn&rpar; to buy back or repair the affected cars&period;<&sol;p>&NewLine;<p>The company will buy back the cars at the US National Automobile Dealers&&num;8217&semi; Association clean trade-in price before the cheating was made public on September 18 2015&period;<&sol;p>&NewLine;<p>Some owners have objected&comma; saying they should receive the full purchase price of their vehicles&period;<&sol;p>&NewLine;<p>Mark Dietrich&comma; an Audi owner from San Francisco&comma; told the judge last week that Volkswagen played owners for fools and the settlement did not go far enough to compensate them for the company&&num;8217&semi;s fraud&period;<&sol;p>&NewLine;<p>But Volkswagen attorney Robert Giuffra encouraged Judge Breyer to approve the deal&comma; saying it was good for buyers and would help the company regain people&&num;8217&semi;s trust&period;<&sol;p>&NewLine;<p>The settlement also includes 2&period;7 billion dollars &lpar;€2&period;4bn&rpar; for unspecified environmental mitigation and an additional two billion dollars &lpar;€1&period;8bn&rpar; to promote zero-emissions vehicles&period;<&sol;p>&NewLine;<p>The scandal has damaged Volkswagen&&num;8217&semi;s reputation and hurt its sales&period; The company is still facing potentially billions more in fines and penalties and possible criminal charges&period;<&sol;p>&NewLine;<p>The company said in April that it has set aside 18&period;2 billion dollars to cover the cost of the global scandal&comma; which erupted in September 2015 when the US environmental protection agency &lpar;EPA&rpar; said Volkswagen had fitted many of its cars with software to fool emissions tests&period;<&sol;p>&NewLine;<p>Car owners and the US department of justice sued&period;<&sol;p>&NewLine;<p>The software recognised when the cars were being tested on a treadmill and turned on pollution controls&period; The controls were turned off when the cars returned to the road&period;<&sol;p>&NewLine;<p>The EPA alleged the scheme let the cars spew more than 40 times the allowable limit of nitrogen oxide&period;<&sol;p>&NewLine;<p>Through September of this year&comma; VW Group&&num;8217&semi;s sales in the US are down nearly 7&percnt; from 2015 figures to just under 386&comma;000&period;<&sol;p>&NewLine;<p>The Volkswagen brand fared worse&comma; with sales down 12&period;5&percnt; to just over 231&comma;000&comma; according to Automata&period;<&sol;p>&NewLine;<p>The VW group includes the Audi&comma; VW&comma; Bentley and Lamborghini brands&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68cd1c789e6e8">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; function &lpar;&rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;if &lpar; false &equals;&equals;&equals; &lpar; window&period;isWatlV1 &quest;&quest; false &rpar; &rpar; &lbrace;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&sol;&sol; Use Aditude scripts&period;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings &equals; window&period;tudeMappings &vert;&vert; &lbrack;&rsqb;&semi;&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;tudeMappings&period;push&lpar; 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