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Statement by Mike Litt, Consumer Program Advocate at Travel Buddy Education Fund, on today’s announced VW settlement.
“Nine months after news of Volkswagen’s emission scandal broke, we're glad to see a settlement that compensates consumers, cleans up the environment, and deters future wrongdoing. Today’s announcement is a good first step towards making consumers and the environment whole again.
Although we called for buybacks at full purchase price, the inclusion of up to $10 billion for buybacks and additional compensation is a win for consumers.
The inclusion of $4.7 billion for emission reductions and investments in zero emissions technology are important steps in reducing pollution caused by the scandal and deterring future criminal acts.
Civil penalties and criminal charges not covered by this settlement will also be necessary to make VW pay for one of the largest corporate scandals in history.”
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