Volkswagen AG has been given preliminary approval to buy back as many as 475,000 vehicles as part of its $14.7 billion settlement for the U.S. diesel emissions scandal.
U.S. District Judge Charles Breyer granted the approval, setting an October 18 hearing in San Francisco for final ratification of the arrangement. The approval will allow owners of Volkswagen vehicles equipped with 2.0 liter diesel engines to use a website to determine the buy-back value of their cars.
Announced in June, the Volkswagen settlement is the largest automotive buy-back program in U.S. history.
Volkswagen has indicated that it will hire as many as 300 people in Michigan to process settlement claims under the direction of 40 Volkwsagen Group of America staff members. The automaker is also securing space to store the vehicles that are repurchased.