U.S. federal judge approved Volkswagen's record-setting $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles. Jeanne Yurman reports.
A U.S. federal judge approved Volkswagen's record $14.7 billion settlement with regulators and owners of almost half a million diesel vehicles. Under the settlement, Volkswagen will spend up to ten billion dollars on buying back vehicles affected and owner compensation and $4.7 billion on programs to offset excess emissions. The buybacks will begin in November. Michelle Krebs is senior analyst at Autotrader. (SOUNDBITE) MICHELLE KREBS, SENIOR ANALYST, AUTOTRADER, SAYING: "This Volkswagen settlement is what we long waited for. It finally moves Volkswagen closer to closing this very ugly chapter on its history. The consumers have been waiting for Volkswagen to make things right with them, and we're finally at that point." The settlement is the latest chapter since Volkswagen admitted in September 2015 using secret software in its diesel cars to cheat exhaust emissions tests and make them appear cleaner than they really were. The company still faces billions more in costs, U.S. Justice Department fines, and lawsuits from at least 16 U.S. states.