Official: Volkswagen Settles with EPA, DOJ, CARB, States for More Than $10 Billion
Settlement Includes Environment Fund, Buyback Offers
As projected late last week, Volkswagen’s final omnibus settlement with the all the parties in the U.S. will total $10 billion. Today, Volkswagen released a statement outlining the specific terms of its settlement, which includes buyback and lease termination offers for buyers. An estimated 499,000 total Volkswagen and Audi 2.0L TDI models are eligible. A settlement covering the 3.0L TDI V-6 models is still in the works.
The $10 billion total assumes 100 percent participation among eligible owners or lessees. The settlement covers agreements with the U.S. Department of Justice, the State of California, the U.S. Federal Trade Commission, and private plaintiffs represented by the Plaintiffs’ Steering Committee. It has also settled with the Attorneys General of 44 states, the District of Columbia and Puerto Rico for consumer protection claims based on the TDI for $603 million.
In addition to the settlement with consumers and government and regulatory parties, the company has also agreed to contribute $2.7 billion over three years into an environmental trust managed by a court-appointed trustee to remediate excess NOx emissions. VW has also promised to invest $2 billion into zero emissions vehicle infrastructure, access, and awareness initiatives. The models eligible for buybacks or lease terminations are the 2009-2015 Jetta, 2010-2015 Golf, 2012-2015 Passat, 2013-2015 Beetle, and 2010-2013 and 2015 Audi A3 equipped with the 2.0L TDI diesel engine. Full details on the settlements can be found at www.vwcourtsettlement.com or www.audicourtsettlement.com.