Volkswagen will make $15 billion settlement

Volkswagen would repair or buy back polluting diesel vehicles and pay each owner as much as $10,000 under a $14.7 billion deal the car maker has reached to settle lawsuits stemming from its emissions cheating scandal, a person briefed on settlement talks said on Monday.

The figure would be the largest auto scandal settlement in US history and a huge step in Volkswagen’s efforts to addr-ess the legal fallout from its admission that its vehicles were designed to fool emissions tests.

The deal sets aside $10 billion to repair or buy back roughly 475,000 polluting Volkswagen vehicles with 2-litre diesel engines, and to compensate each owner with an additional payment of between $5,100 and $10,000, the person said.

The person asked not to be identified because the settlement deal will not be filed in court until Tuesday, and a judge has ordered attorneys not to talk about it before its submission.