After nearly two years, the Volkswagen dieselgate scandal has finally received its final approval. Now it’s time for VW to lick its wounds, continue paying off the government and owners, and move on.
According to Reuters, federal judge Charles Breyer laid the final gavel, overruling all remaining objections and approving the terms of the deal. The final terms see Volkswagen paying out another $1.22 billion to fix or buy back the roughly 80,000 affected 3.0-liter V-6 TDI-powered vehicles. This brings VW’s total out-of-pocket expense to $25 billion for its emission cheating.
Also dragged into the scandal is Bosch, the company that provided the engine control units that VW fudged to create the false emission readings. Though it admitted no wrongdoing, Bosh still shelled out a paltry $327.5 million to end litigation.
Owners of 3.0-liter TDI V-6-powered vehicles can opt for either a fix or a complete buy back. The latter will be in the amount of the vehicle’s value before the September 2015 breaking of the scandal. Buyers who opt for the repair will not only get their rig fixed, but they’ll also get between $7,000 and $16,000 from VW. But VW must submit its proposed fixes in a timely manner and have them approved. If regulators do not approve all 3.0-liter fixes, Volkswagen may have to shell out another $4.04 billion.
Though this seems like this is the final update on the scandal, we’ll continue to monitor it just in case something changes along the way. Stay tuned for updates.