An American flag flies next to a Volkswagen car dealership in San Diego, California, U.S. September 23, 2015. REUTERS/Mike Blake
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A U.S. federal judge Tuesday approved Volkswagen AG's record-setting $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles and the automaker said it would begin buying back the vehicles in mid-November.Volkswagen agreed to make up to $1.21 billion in payments to 652 U.S. VW brand dealers and $600 million to 44 U.S. states to address some state claims.To date, nearly 340,000 owners have registered to take part in the settlement and only about 3,500 owners have opted out. Volkswagen must fix or buy back 85 percent of the 475,000 vehicles under the agreement within two years or face additional costs.
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