Trustee Named in VW Settlement

The U.S. District Court approved the appointment of Wilmington Trust as the trustee of the Environmental Mitigation Trust under the Volkswagen Settlement. States are eligible to become beneficiaries of the $2.9 billion Environmental Mitigation Trust and invest in alternative fuel vehicles and infrastructure that will result in decreased nitrogen oxides (NOx) emissions.

The trustee will be responsible for administering the trust and approving projects approved by beneficiaries. The trust effective date has NOT been set. The trustee will have the opportunity to request changes to the form of the trust agreement (Appendix D of the Consent Decree), and will confer with the U.S. Department of Justice, the State Recommending Parties (those that nominated candidates for the position of trustee), and the Settling Defendants to finalize the trust agreement.

Once the trust effective date has been established, states will have 60 days to file a Certification Form to become beneficiaries of the trust. Additional information on the court order to appoint Wilmington Trust can be found here.