Judge approves $15 billion Volkswagen emissions settlement

A federal judge in San Francisco has approved a $15 billion legal settlement against Volkswagen for its emissions-cheating scandal. According to the order, signed Tuesday by U.S. District Judge Charles Breyer, 336,612 owners of 2-liter diesel Volkswagen and Audi cars have registered for the settlement and 3,298 opted out.

About 475,000 owners of Volkswagens and Audis with 2-liter, 4-cylinder diesel engines will be able to request buybacks of their cars starting Nov. 1. In addition to the buyback, owners are eligible for cash payments of $5,100 to $10,000.

The $15 billion settlement is the largest auto-scandal settlement in U.S. history. Volkswagen will pay legal fees up to $324 million, plus $8.5 million in out-of-pocket costs.

"The settlement is fair, reasonable and adequate," Judge Breyer wrote in his order.

The settlement doesn't affect legal claims involving the larger 3-liter, 6-cylinder diesel VWs and Audis, which also cheated on emissions tests. The settlement also doesn't resolve legal claims against software author Robert Bosch.