U.S. appeals court upholds Volkswagen's $10 billion diesel settlement

andytdiland

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[FONT=&quot]The appeals court rejected a challenge to the 2.0-liter settlement that stipulated that any of the $10 billion not spent will revert to VW. It also rejected challenges to the court’s approval of the class, the fairness of the settlement itself and the adequacy of the court process in approving it.[/FONT]
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Rico567

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The stories are not clear. Some of the stuff in them implies that VW appealed the decision, but elsewhere the court ruled that VW gets to keep the remainder of the $10B that won't been paid out in settlements. Not well written, not at all.
 

autdi

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Given the way the settlement fund was set up, it wasn't $10B put in as a lump sum, it was at the start $1.5B went in, then as it was spent down, more was put in. It's not like there is a $10B pile of cash somewhere at the start they have been pulling from. VW refills the pool as it is used up.

It's detailed in section 10 of the consumer settlement doc.

10.3. Within thirty (30) days of the conclusion of the Claim Period, any funds in the
Escrow Account, including all interest accrued, shall revert to Volkswagen.

That's what it said in the settlement.
 
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Rico567

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<snip>

It's detailed in section 10 of the consumer settlement doc.

10.3. Within thirty (30) days of the conclusion of the Claim Period, any funds in the
Escrow Account, including all interest accrued, shall revert to Volkswagen.

That's what it said in the settlement.
Thanks for the clarification. I feel better now, since that's what I thought it had to be.
 
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