Updated: 1:30 p.m. ET

(Bloomberg) – Volkswagen AG and drivers suing the company in the U.S. over its diesel-cheating scandal won final approval of their $14.7 billion settlement to resolve what's likely to be the largest portion of VW's civil liability worldwide.

The accord requires VW to buy back cars with 2.0-liter diesel engines armed with so-called defeat devices used to beat emissions tests. Under the deal VW reached in June with consumers and regulators including the EPA and Federal Trade Commission, car owners will be offered $5,100 to $10,000 each in compensation along with the option of a buyback or a fix.

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