Senior U.S. District Court Judge Charles Breyer in San Francisco said the parties have made substantial progress in reaching a deal for almost half a million polluting Volkswagens in the U.S.
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Attorneys for Volkswagen and Volkswagen owners filed an agenda for Tuesday’s hearing before Judge Breyer that included a report on discussions over roughly 482,000 Volkswagens with 2-liter, four-cylinder diesel engines.
An agreement in principle for buybacks and potential fixes was announced in April.
Officials should have a final settlement proposal for vehicle owners affected by Volkswagen’s emissions cheating scandal by next month.
About 11 million vehicles worldwide are involved in the emissions cheating and almost 600,000 of them are in the United States.
Breyer said during the hearing Tuesday that the negotiators “have reported that in the month since we last met they have made substantial progress in intensive daily efforts to finalize the agreement, and most importantly are on track to meet the court’s deadline”. It is believed to include a settlement will include “substantial compensation”.
A federal judge overseeing lawsuits in Volkswagen’s emissions scandal says the automaker and attorneys for vehicle owners are on target to meet a June deadline for a final settlement.
Volkswagen’s plan for addressing non-compliant vehicles belonging to those owners who do not want to participate in a buyback program has yet to be articulated to the public.
The final accords, being negotiated by attorneys of the three parties involved, must be presented to the judge for their validation by June 21.
There is unrest among investors over the scandal.
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Volkswagen (VOWG_p.DE) shares closed up 4 percent.
