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  • Volkswagen Given New June 21 Deadline for Emissions Fix

Volkswagen Given New June 21 Deadline for Emissions Fix

Settlement Open to Public Comment, Contingent on Judicial Approval

May 24, 2016
It’s nearing a full year since Volkswagen fessed up to cheating software on its TDI diesel vehicles. In the drama that’s ensued, the company has been bested by multiple lawsuits and investigations in the U.S., Europe, and elsewhere. The company has gone back and forth several times with U.S. courts on working out deadlines for owner compensation. Deadlines came and went in March and in April. The latest development has set a June 21 deadline for Volkswagen to present a final settlement proposal, Reuters reports. The proposal would then be open for a public comment period and would be subject to final judicial approval. Part of the delay involves the inclusion of 80,000 vehicles equipped with the 3.0L TDI V-6 engine, which wasn’t originally implicated but subsequently found to also emit greater-than-allowed NOx emissions.
Volkswagen has set aside a reported $18.2 billion to cover costs of the settlement and has cut its stock dividend. Although the company is cooperating closely with government authorities, it has not absolved the company from ongoing scrutiny, with some investor groups continuing to call for investigations, claiming the company’s actions so far are not sufficient.
For the settlement for U.S. customers, Volkswagen has worked with the U.S. Environmental Protection Agency, the Federal Trade Commission, and the state of California, as well as with lawyers that have brought class-action suits on behalf of owners.
Source: Reuters

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