Volkswagen reaches $14.7B emissions settlement

SAN FRANCISCO (AP) – A person briefed on the matter says Volkswagen would repair or buy back polluting vehicles and pay each owner as much $10,000 under a $14.7 billion legal settlement stemming from its emissions-cheating scandal.

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

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

The scandal erupted in September when it was learned that the German automaker had fitted many of its cars with software that fools emissions tests.

No further information was immediately available.