VW Picks Up Momentum to Get Past Diesel-Cheating Crisis
- Carmaker has until June 21 to complete deal on tainted diesels
- VW still faces potentially costly criminal, state probes
VW May Pay $10 Billion to Settle U.S. Diesel Claims
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Volkswagen AG agreed to fix or buy back about 500,000 tainted cars in the U.S., taking a significant step forward in its effort to emerge from the emissions-cheating scandal.
After months of acrimonious wrangling with U.S. authorities, the German carmaker was commended at a hearing in San Francisco on Thursday for its cooperation and given until June 21 to fine-tune the agreement. While the deal is set to cost at least $10 billion, according to a person with direct knowledge of the matter, the judge overseeing the process said specific details will remain confidential until the agreement is finalized.