A judge in U.S. has approved Volkswagen's $14.7 billion settlement over the automaker's vehicle emissions scandal. The first buybacks of the vehicles are expected to happen within the next few weeks.
Volkswagen has agreed to either buy back or repair the vehicle involved in the scandal. The payback amount to the owners is a whopping $ 10.033 billion.
Under the terms of the deal, the automaker has also come to an agreement with the U.S. to pay nearly $5 billion in environmental remediation.
It is expected that a total of 4,75,000 vehicles were affected in the U.S. Among them, about 3,30,000 affected VW owners have registered to the settlement so far.
The affected vehicles are 2013-2015 Beetle, 2010-2015 Golf, 2009-2015 Jetta, 2012-2015 Passat and 2010-2013, 2015 Audi A3.
After hearing the judge's decision, Hinrich J. Woebcken, President and Chief Executive of the Volkswagen Group of America said, "Final approval of the 2.0L TDI settlement is an important milestone in our journey to making things right in the United States, and we appreciate the efforts of all parties involved in this process.
"Volkswagen is committed to ensuring that the program is now carried out as seamlessly as possible for our affected customers and has devoted significant resources and personnel to making their experience a positive one."