Judge Charles Breyer of the U.S. District Court in San Francisco approved Volkswagen's record-setting $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles today.
This settlement comes about a year after Volkswagen admitted that it rigged 11 million vehicles worldwide with software to dodge emissions standards.
An estimated 475,000 Volkswagen owners in the U.S. can choose between a buyback or a free fix and compensation, if a repair becomes available.
Buybacks range in value from $12,475 to $44,176, including restitution payments. People who opt for a fix approved by the Environmental Protection Agency will receive payouts ranging from $5,100 to $9,852, depending on the book value of their car.
Volkswagen will also pay $2.7 billion for environmental mitigation and another $2 billion for clean-emissions infrastructure.
VW is also negotiating a separate settlement with more than 80,000 owners of 3-liter diesel vehicles fitted with similar software.
The automaker said it will begin vehicle buybacks in mid November.