Slashdot Mirror
Largest Auto-Scandal Settlement In US History: Judge Approves $15 Billion Volkswagen Settlement (usatoday.com)
A federal just has approved the largest auto-scandal settlement in U.S. history, a $14.7 billion settlement concerning Volkswagen Group's diesel car emissions scandal. USA Today reports: U.S. District Court Judge Charles Breyer in San Francisco approved the sweeping agreement between consumers, the government, California regulators and the German automaker in a written ruling a week after signaling he was likely to sign off. He said the agreement is "fair, reasonable and adequate." The settlement comes about a year after Volkswagen admitted that it rigged 11 million vehicles worldwide with software designed to dodge emissions standards. The company is still facing criminal investigations by the U.S. Justice Department and German prosecutors. The U.S. probe could lead to additional financial penalties and criminal indictments. About 475,000 Volkswagen owners in the U.S. can choose between a buyback or a free fix and compensation, if a repair becomes available. VW will begin administering the settlement immediately, having already devoted several hundred employees to handling the process. Buybacks range in value from $12,475 to $44,176, including restitution payments, and varying based on milage. People who opt for a fix approved by the Environmental Protection Agency will receive payouts ranging from $5,100 to $9,852, depending on the book value of their car. Volkswagen will also pay $2.7 billion for environmental mitigation and another $2 billion for clean-emissions infrastructure.
How about a snarky comment about how if you make useful physical good and do something illegal, you get a real penalty, whereas if you make a fortune by shuffling money around on paper and do something illegal causing a massive crisis that threatens the whole economy, you don't even get a slap on the wrist?
I'm not trying to defend Volkswagen here, or imply they were unjustly punished, just pointing out that this seems to be the only time there's any justice.