Author: Jason W. Konvicka, Richmond, VA Product Liability Attorney
Volkswagen AG (VW) has agreed to pay up to $14.7 billion to settle claims resulting from its diesel emissions cheating scandal. Under the terms of the settlement, VW allocated a maximum of $10.03 billion to buy back vehicles included in the recall and also provide cash compensation to the affected owners. The cash compensation offered to each car owner will range from $5,100 to $10,000. Both the buyback price and the amount of the additional compensation will depend on the cars’ value prior to the revelation that Volkswagen intentionally cheated on emissions quality tests.
In the U.S. alone, approximately 475,000 VW vehicles…