A US judge has approved Volkswagen ’s ( VW ) $ 14.7bn deal relating to its diesel emissions scandal . The deal , agreed with federal and Californian judges and 475,000 car owners , was one of the largest - ever recorded corporate settlements . Up to $ 5000 will be spent on buybacks with the remaining $ 4.7bn being devoted to emissions offset and clean - vehicle initiatives . VW will start to buy back affected cars from next month . US District Judge Charles Smith rejected claims from owners who felt the settlement was inadequate .
A US judge has approved Volkswagen’s (VW) $14.7bn deal relating to its diesel emissions scandal. The deal, agreed with federal and Californian regulators and 475,000 car owners, was one of the largest-ever recorded corporate settlements. Up to $10bn will be spent on buybacks with the remaining $4.7bn being devoted to emissions offset and clean-vehicle initiatives. VW will start to buy back affected cars from next month. US District Judge Charles Breyer rejected claims from owners who felt the settlement was inadequate.