Judge approves $15B Volkswagen settlement

A federal judge in California yesterday approved one of the largest consumer settlements in U.S. history.

Volkswagen Group has been ordered to pay nearly $15 billion a year after admitting it rigged 11 million vehicles worldwide with software designed to dodge emissions standards.

Some 475,000 Volkswagen owners in the United States can choose between a buyback or a free fix and compensation, if a repair becomes available. Buybacks range in value from $12,475 to $44,176, including restitution payments, and vary based on mileage. Those who choose a fix approved by the Environmental Protection Agency are looking at payouts ranging from $5,100 to $9,852.

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