A federal judge on Tuesday authorized a $14.7 billion U.S. settlement in the Volkswagen emissions scandal. The deal, approved by Judge Charles Breyer of the U.S. District Court in San Francisco, comes nearly a year after Volkswagen admitted it had installed software in nearly 11 million vehicles with the intent of dodging federal emissions standards. As a result of the settlement with consumers, California regulators, and the U.S. government, nearly 475,000 Volkswagen owners will now have the option of either selling back their car or receiving a free fix plus compensation. The company still faces criminal probes by both the U.S. Justice Department and German prosecutors, with additional fines and criminal charges possible down the line.
SOURCE: The Daily Beast Cheat Sheet