WOLFSBURG (dpa-AFX) - A court in Germany has ordered Volkswagen (VKW.L, VLKAF.PK, VOW.BE) to buy back the diesel cars delivered to customers with faulty emission systems. The court also suggested that the buyback price should be calculated by deducting the depreciation value from the purchase price.
Volkswagen stated that the the court decision provides clarity in about 60,000 pending lawsuits filed by car owners in Germany. The company is planning to approach the plaintiffs with appropriate settlement proposals.
The emissions scandal, dating back to 2015, resulted in the ban of the diesel cars with the cheating software in the U.S. However, the company was allowed to update the software in Europe.
Copyright RTT News/dpa-AFX