Judge Approves Volkswagen Settlement

(RTTNews) - A federal judge on Tuesday approved a $14.7 billion settlement in the Volkswagen Group's diesel car emissions cheating case, one of the largest settlement in U.S. history.

The deal provides about 475,000 owners of Volkswagens and Audis with diesel engines the option to either have their cars bought back or modified by Volkswagen. They are also entitled to receive additional cash compensation.

The settlement also sets in motion a billions of dollars to support environmental programs, reduce emissions and promote zero-emissions vehicles.

U.S. District Court Judge Charles Breyer in San Francisco approved the agreement between consumers, the government, California regulators and the German automaker and said the deal was "fair, reasonable and adequate."

Under the terms of the agreement, the court notes, funds to compensate owners have to be made available within 10 days of this final approval, and the buyback program must begin immediately.