Car Buyers Notch Unprecedented Win In VW Emissions Deal
The size - $14.7 billion – and speed of the Volkswagen emissions scandal settlement announced this week sent waves through the automotive industry, with the environmental case edging out recent consumer harm cases as the largest-ever consumer automotive settlement.
Speaking with Law360, Automotive practice group chair Aaron Jacoby described how the deal’s price tag matched the massive, systematic scope of the fraud. “Here it wasn’t that a mistake was made and then a cover-up; this was a lie from the beginning, and such a massive lie,” he said.
Though unusual, VW’s circumstances could set a roadmap for future consumer class action settlements, including the pending Takata air bag inflators case. “I would guess [Takata claimants] to try to push for something much larger,” he said, “I don’t think [the VW deal] is setting a price floor, but it definitely is a number that turns heads.”
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