VW Reaches $1.2 Billion Settlement With U.S. Dealers Over Emissions

"Volkswagen has agreed to pay its U.S. dealers up to $1.2 billion to compensate them for losses suffered as a result of the company's emissions cheating scandal, according to a settlement agreement filed Friday in federal court in San Francisco.

The dealers are expected to receive about $1.85 million each, but they can choose to opt out of the deal and pursue their own lawsuits against Volkswagen. A judge still has to approve the settlement before it can go into effect.

Volkswagen’s U.S. sales have fallen since the scandal first came to light a year ago, and the agreement will help compensate dealers for what they said was a loss in value of their dealerships."

Ivan Penn reports for the Los Angeles Times October 1, 2016.

Source: LA Times, 10/03/2016