The court overseeing US civil claims against Volkswagen (OTC:VLKAY) gave final approval on Tuesday to one of the biggest consumer settlements in American history, bringing to a close a central chapter in the emissions scandal.
One week after a three-hour hearing in which more than 20 opponents to the settlement voiced their complaints, US District Court Judge Charles Breyer gave a thumbs up to the $15bn settlement, saying it met the court’s requirement of being fair and adequate.
The bitter irony of the settlement is that a German automotive corporate has agreed to the deal where a German bank has baulked on a smaller $14bn settlement.
VW ADRs traded down 0.5% at $29.21 on Tuesday.
Story by ProactiveInvestors