Volkswagen took a big step toward trying to fix its tattered reputation Tuesday as a federal judge formally approved a $14.7-billion settlement of the automaker’s emissions cheating case.
The deal is the largest auto scandal settlement in U.S. history and paves the way for the company to make amends to 475,000 U.S. owners of Volkswagens and Audis with 2-liter diesel engines. Motorists can now have their cars bought back or modified by Volkswagen and receive additional cash compensation up to $10,000 each.
Leases covering the affected cars can be terminated. Volkswagen must also provide nearly $5 billion to support environmental programs, reduce emissions and promote zero-emissions vehicles.
“This is what people had been waiting for,” said Matt DeLorenzo, managing editor for news at Kelley Blue Book. “Now you have actual buybacks and compensation about to begin.”
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