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US Judge Orders Volkswagen To Pay $15 Billion, Repurchase 475,000 Cars

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US Judge Orders Volkswagen To Pay $15 Billion, Repurchase 475,000 Cars

According to a Reuters report, a U.S. federal judge approved a $14.7 billion settlement in which Volkswagen AG (ADR) (OTC: VLKPY) (OTC: VLKAY) will compensate car owners who purchased a diesel vehicle.

Judge Charles Breyer approved the settlement, which will see the German carmaker spend up to $10.033 billion on buybacks and owner compensation and $4.7 billion on programs to offset excess emissions and support green technologies and vehicle projects.

An estimated 475,000 owners of diesel vehicles could benefit from Volkswagen's settlement.

Volkswagen was caught cheating on exhaust emission tests in 2015. The company used secret software in its diesel cars that made them appear to be cleaner than they really are.

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