June 28th, 2016

Remember that whole VW diesel cheating scandal? Some proposed settlements filed


"A deal formally filed by the Justice Department on Tuesday will provide the largest-ever automotive buyback offer in the United States. The proposed consent decree confirmed that VW will set aside $10.033 billion to cover buybacks or potential fixes for diesel cars and sport utility vehicles that used illegal software to defeat government emissions tests."

This doesn't settle the criminal side of the matter.

There is also money for electric car charging infrastructure, upgrading buses and facilities at ports to reduce emissions. There's another deal with a bunch of states, DC and Puerto Rico with another chunk of change.

Markets responded positively to VW stock.

I can't say that any of this is particularly surprising. It's just another step in the process.