October 2016: Judge Approves $14.7 Billion Volkswagen Deal

World News | Disasters & Science News

Here's a slideshow depicting the major U.S. news events of October 2016.

Judge Approves $14.7 Billion Volkswagen Deal
Volkswagen AG chief executive officer Matthias M?ller
On Oct. 25, 2016, a U.S. judge approves one of the biggest corporate settlements of all time. In Sept. 2015, it was discovered that Volkswagen, the German car company, had installed devices into their vehicles that falsified data about diesel emissions. The device made the cars seem more eco-friendly than they actually were; the cars were actually emitting more than 40 times the legal amount. The $14.7 billion settlement stipulates that owners will receive the original trade-in value of their vehicle, plus an additional $5,100 to $10,000; this comes at a cost of $10.033 billion for VW; the remaining $4.7 billion will be spent on emissions offset and clean-vehicle programs.
Photo source: AP Photo/Paul Sancya, File
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