(Bloomberg) -- Volkswagen AG has agreed to spend more than $15 billion to get hundreds of thousands of emissions-cheating diesel vehicles off U.S. roads and placate regulators, in settlements that set a U.S. auto-industry record but still leave VW facing criminal and civil complaints on three continents.
Under the agreement with car owners announced on Tuesday, owners will have the choice of having Volkswagen buy back their vehicles or install whatever pollution-control retrofit is eventually accepted by regulators. In either case, the owners will get $5,100 to $10,000 each in additional compensation. Some leaseholders will receive roughly half those amounts. The agreement still requires a judge’s approval.
VW will also have to pay $2.7 billion to federal and California regulators for a trust to fund pollution-reduction projects and also make a $2 billion investment in clean technology.
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