The class plaintiffs, the government and VW filed a proposed settlement agreement in court yesterday. I wanted to provide you with a copy of the proposed settlement agreement which is linked below. What follows is a quick overview of the settlement. I plan to send a more detailed summary in the coming days.

Here is an overall breakdown by the numbers:

Briefly, eligible owners and lessees can choose one of the following compensation options:

Buyback or Lease Termination Option:

The restitution payments are calculated based on the value of the vehicle plus a fixed component. For most owners, this cash payment will range from $5,100 to approximately $10,000 per vehicle.

Approved Emissions Modification Option:

Each of these options has a lot of details, but these are the basics. I will assess both options and provide you with more details on the intricacies of each option.

At this point, you may be wondering if you have an eligible vehicle. An eligible vehicle is Model Year 2009 through 2015 VW and Audi light duty vehicles equipped with 2.0 liter engines. For a list of affected vehicles please consult the chart on page ten of the settlement agreement.

Additionally, for a list of estimated settlement payments to owners and lessees – specifically, buyback and restitution amounts VW will pay for a given car and model year – please consult Exhibit 6. I am sure this exhibit will be very interesting to all of you. It is toward the end of the linked document.

Please note that potential class members have until September 16, 2016 to opt in or out of the settlement.

For owners of 3.0 cars, a settlement pertaining to you is anticipated in the near future.

In closing, I will direct you to the settlement website for more information (www.VWCourtSettlement.com).

There is the quick overview. More news to come, stay tuned.