U.S. Judge Gives Preliminary OK to VW Investor Settlement
Reuters is reporting that a U.S. judge in California has granted preliminary approval to a $48 million settlement for investors who said Volkswagen AG made false and misleading statements over its excess diesel emissions.
Reuters reporter explains:
Lawyers for the investors, who include police and other municipal pension funds, had estimated that the maximum they could have recovered was $147 million. But Judge Charles Breyer said the settlement agreed in August appeared “fair, adequate and reasonable.”
The German automaker admitted in September 2015 to secretly installing software in nearly 500,000 U.S. cars to cheat government exhaust emissions tests, writes Reuters reporter David Shepardson.
