VW and Dealers $1.2 Billion Dollar Settlement Approved

District Judge Charles Breyer has given final approval to a $1.2 billion settlement agreed to by both Volkswagen and its dealers.

The sum will be paid to 650 dealers over the course of 18 months, which averages out to about $1.85 million per dealer.

Judge Breyer said that the settlement is “fair, reasonable, and adequate.”

Under the terms of the agreement, VW will continue to make volume-based incentive payments to dealers, and dealers will have the option to defer capital improvements for up to two years.

As a result of these stipulations, the full value of the settlement is closer to $1.6 billion, according to law firm Hagens Berman, which represented the dealers.

The agreement with dealers is “a very important step in our commitment to making things right for all our stakeholders in the United States,” Hinrich Woebcken, VW North America CEO, has said in the past.

“The Volkswagen-branded franchise dealer class-action settlement finalized today represents an outstanding result for Volkswagen’s affected franchise dealers,” said Steve Berman, lead attorney for the dealers.

[source: Automotive News]

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