VW is not CAPPED at 10.3 billon
check for loop holes
OMG
Specific references please that lead you to believe that. Everything I have read in the settlement agreements lead me to believe that any increased fines VW may pay (for not reaching the 85%, for example) would go into the environment remediation trust buckets, not to the owners settlement.
See 2.42 of the Consumer Class Action Settlement Agreement - "Funding Pool" means the maximum $10.03B..." and "The Funding Pool shall be capped at $10,033,000,000, regardless of the rate of consumer participation in the Settlement Program, and Volkswagen shall not be required to increase the Funding Pool." (emphasis added)
And on pages 3 and 4, no. 3 of the Partial Consent Decree - "Settling Defendants estimate that the total cost of injunctive relief pursuant to the requirements of Appendix A and the related Class Action Settlement and FTC Order may be up to $10,033,000,000. In the event Settling Defendants do not achieve an 85% Recall Rate, Settling Defendants must pay additional funds into the Mitigation Trust;" (emphasis added)
Similar language is on page 11 of the Partial Consent Decree, number 7.6; and Exhibit 3, Long Form Notice on page 1 "Summary... of Settlement"
Edit: I should add this is all based on the current proposed settlement agreement. I would be surprised if it did but it is possible this could be changed.
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