Volkswagen settles emission cheating scandal in Australia
Volkswagen has settled Australian class actions over the global diesel emissions scandal. The payout will be between $87 million and $127.1 million, or about $1,400 per car.
The company described the settlement as a significant step towards fully resolving the diesel lawsuits in the country.
Stocks impacted: The Volkswagen Group (VOWG)
Volkswagen expects the proceedings will be concluded in 2020. The class actions allege that the affected vehicles were fitted with illegal defeat devices that were designed to cheat emissions tests. Current and former owners of affected vehicles, such as the Volkswagen Golf and Audi Q5, are still eligible to join the class action. As a reminder, in the United States, the carmaker has already agreed to pay more than $25 billion in claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles. The company’s shares may rise at the start of the week as investors will cheer the news on the settlement.
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