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Business

U.S. judge okays $15 bln VW settlement

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Business

U.S. judge okays $15 bln VW settlement

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COMING UP:U.S. judge okays $15 bln VW settlement

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00:00:02
>> Volkswagen US diesel car owners can get ready to pick out a new car. A San Fransisco district court judge on Tuesday approving the company's record $14.7 billion settlement over the diesel gate scandal with regulators, and owners of nearly half a million polluting cars with a buyback starting mid November.
00:00:23
It's the largest civil settlement reached with an auto maker. Reuters reporter Alexandria Sage.>> The settlement originally came down in June, but there was some initial push back from owners who thought it didn't go far enough. Justice Breyer has said the deal is fair and he is always said that we need to push quickly through this process.
00:00:42
Which means that now it's time, finally, for Volkswagen to pay owners for these polluting vehicles.>> The German automaker has been grappling with the scandal since it admitted a year ago it was using secret software in its diesel cars to cheat smog tests. The affected vehicles emit up to 40 times legally allowable pollution levels.
00:01:03
Volkswagen has also agreed to compensate it's US dealers for losses they suffered over the scandal which will cost it over $1.2 billion. But it's not over.>> Volkswagen still has to find a solution to about 85,000 cars with a slightly larger diesel engine. That has not been decided yet in the courts.
00:01:24
It also faces fines from the Justice Department over violating Clean Air Acts. Finally there are about 16 states who have also sued Volkswagen. Certainly it's not the end of Volkswagen's legal problems today in the United States. And it could still cost billions more.>> As for the owners of the cars part of the settlement, they'll get the pre-scandal trade in value of the vehicle and will receive $5,000 to $10,000 in additional compensation.