Le Lézard
Classified in: Transportation
Subject: LAW

Trust Effective Date Established for Volkswagen Settlement



DALLAS, Oct. 3, 2017 /PRNewswire/ -- In October of 2016 and May of 2017, the United States District Court, Northern District of California approved a settlement with Volkswagen AG ("Volkswagen") and entered into a partial Consent Decrees (collectively, the "Decree") to resolve claims that Volkswagen violated the Clean Air Act by selling 2.0 and 3.0 liter diesel vehicles that violated the United States Environmental Protection Agency's ("EPA's") mobile source emission standards. 

As a part of the Decree, Volkswagen was required to establish a $2.925 billion environmental mitigation trust fund ("Mitigation Trust"). The Mitigation Trust's purpose is to fund a set of eligible mitigation actions (EMA) that reduce the excess nitric oxide emissions from the Volkswagen 2.0 and 3.0 liter cars sold from 2009-2015. The Decree provided initial allocation of the Mitigation Trust funds to all 50 states, the District of Columbia, and Puerto Rico ("Jurisdictions"). 

On October 2, 2017, the executed Final Trust Agreement was filed, which established the Trust Effective Date and subsequent due dates for Jurisdictions to become an eligible beneficiary and secure the funds from the initial allocation. The following illustrates a timeline for Jurisdictions to become eligible beneficiaries and secure Mitigation Trust funds:

Process Step

Due Date / Date Completed

Current Status

2.0 Settlement Effective Date

October 25, 2016

Completed

3.0 Settlement Effective Date

May 17, 2017

Completed

Trust Effective Date

October 2, 2017

Completed

Certification of Beneficiary by Jurisdiction

December 1, 2017

Completed

Trustee Designates Beneficiaries

January 30, 2018

Not Completed

Jurisdiction Files State Mitigation Plans

~April 30, 2018

Not Completed

Jurisdictions Submit Funding Requests

Starting approximately May 31, 2018

Not Completed

Ryan is currently in contact with various Jurisdictions across the country to understand how the Jurisdictions plan to utilize their respective allocation. Allocations may be used to assist private companies in replacing existing fleet vehicles to reduce the nitric oxide emissions throughout each Jurisdiction. Please contact us with any questions regarding potential eligibility for funding under the Mitigation Trust.

About Ryan
Ryan, an award-winning global tax services and software provider, is the largest firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 14,000 clients in more than 45 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.

Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States. (PRNewsFoto/Ryan)

TECHNICAL INFORMATION CONTACTS:

Allea Newbold
Principal
Ryan
813.228.7100
allea.newbold@ryan.com

Michael Falleroni
Team Leader
Ryan
412.535.4400
michael.falleroni@ryan.com  

Bob Jones
Principal
Ryan
913.338.2005
bob.jones@ryan.com

 

SOURCE Ryan


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News published on 3 october 2017 at 17:31 and distributed by: