VW reaches $15bn US settlement

Volkswagen has reportedly reached a $15bn (£11.3bn) settlement with US car owners following the emissions scandal.

A source claims the deal would see VW offer to repair or buy back affected diesel vehicles and pay owners compensation. The settlement figure would see nearly 500,000 US diesel VW vehicle owners receive $5,000 each on average as well as cover a series of emissions settlements.

In 2015, US regulators discovered that VW cars were fitted with software that could distort emissions tests. The German manufacturer subsequently revealed that 11 million cars worldwide were affected.