A federal judge has approved a nearly $15-billion settlement of claims against Volkswagen after it was found cheating emissions tests. It's the largest settlement against an auto manufacturer in U.S. history.
Last year, Volkswagen admitted that 475,000 VWs and Audis were programmed to cheat emissions tests. The car giant will have to buy back cars (with a hefty bonus) if owners decide to sell them instead of repair them, which most are expected to do.
Volkswagen must make payments available within 10 business days from today, according to U.S. District Judge Charles Breyer's order.
In his decision, he said the goal was to get the offending cars off the road as soon as possible.
But some car owners argue the deal doesn't go far enough, and they want Volkswagen to refund the entire purchase price, instead of a pro-rated price.
The settlement by the numbers
- $2.7 billion for environmental harm
- $2 billion to promote zero-emission cars
- A total of $10 billion in buybacks
Volkswagen said it set aside just over $18 billion to deal with the scandal.
Volkswagen's Twitter account seemed ignorant of the ruling.
The Associated Press contributed to this report.
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