Emissions scam: Volkswagen to pay another US$1b

New York

VOLKSWAGEN agreed on Tuesday to buy back or fix the remaining diesel cars caught up in its emissions cheating scandal, at an expected cost of about US$1 billion, in what has become one of the United States' largest consumer class-action settlements ever.

The settlement - which involves Volkswagen and the federal government, and covers about 80,000 Volkswagen, Audi and Porsche cars - was announced after last-minute negotiations that forced a California judge to reschedule hearings several times.

Owners of those cars will also receive compensation from Volkswagen, although the co…