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News
June 28, 2016

In the News Today – June 28, 2016

  • Volkswagen Agrees to Record $14.7 Billion Settlement: Volkswagen reportedly has agreed to a $14.7 billion settlement — “the largest payout by an automaker to consumers in US history” over its alleged emissions-cheating scandal. $10 billion reportedly will be used to buy back 475,000 Volkswagens. $2.7 billion will go toward an Environmental Protection Agency trust fund for “environmental remediation.” About $2 billion will reportedly go toward “American clean energy technology.” (Boston Globe)
  • CFPB Anti-Arbitration Rule Bad for Consumers, Writes Attorney: Attorney George Sutton criticizes the Consumer Financial Protection Bureau’s (CFPB) recent anti-arbitration rule. He writes the rule would lead to more class actions, in which “the class lawyers control the litigation” and “effectively decide when to settle and their decision is primarily based on the size of the fees awarded to them, not what the class members receive.” (American Banker

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