Errant automobile manufacturer Volkswagen faces a number of hefty fines as a result of the emissions software scandal. It’s unlikely that it will be enough to destroy VW, but surely the mammoth financial obligations will leave a mighty big scar.
If the allegations against VW are proven, the EPA has announced that VW could face as much as $37,500 in fines per vehicle, totaling as much as $18 billion. In addition, investigations by the United States Department of Justice Environment and Natural Resources Division and the United States House Energy Subcommittee on Oversight and Investigations may result in additional penalties. Numerous states are conducting their own investigations, and in January the United States Department of Justice filed suit on behalf of the Environmental Protection Agency (EPA) for a whopping $46 billion in Clean Air Act violation penalties.
The company set aside $7.3 billion when allegations surfaced in September. It seems, however, that the financial implications are going to stretch VW’s coffers. Eleven million customers own affected vehicles, and repairs will be expensive and time-consuming. In the meantime, VW is facing ongoing lost sales.
What does this mean for VW owners?
Owners have lost trust, and now own cars that have plummeted in value. Volkswagen will be paying billions in fines to environmental agencies and organizations, but what will happen to consumers? Ultimately they have been the ones that have been victimized. They paid a premium, between $1,000 and $7,000 per car for these “environmentally sound” vehicles that are actually coughing out pollution with every drive.
Volkswagen accepted billions of dollars for automobiles they sold to consumers. Although it remains to be seen exactly where the fault lies, and who was aware of the issues, the problem lasted for six years before it was found out.
VW has offered a $1000 card and roadside assistance in an effort to pacify consumers while they attempt to come up with a remedy for the problem. We are seeking to gather a group of affected consumers to pursue action against Volkswagen. We believe that customers should be the primary focus of financial settlements, as they were the ones affected by this deception. If you own an affected Volkswagen automobile, contact us today for further information. We seek to hold Volkswagen responsible for their errant ways. Call the experienced team at Lombardi Law Firm today!