Volkswagen Emissions Cheating Settlement Worth Over $10 Billion: Reports

Volkswagen will pay more than $10 billion to settle claims that it installed emissions-cheating software in some 600,000 of its diesel-powered vehicles, according to multiple reports.

The settlement includes buybacks of vehicles in which the software was installed or credits ranging from $5,000 to $10,000 on top of the buyback or fix, according to the Wall Street Journal, which cited "people familiar with the matter."

Reuters, citing "a source briefed on the agreement," pegged the settlement cost more specifically at $10.287 billion and said it could change before a Tuesday court deadline.

Read more from the Wall Street Journal here.

Read more from Reuters here.

The Justice Department and the Environmental Protection Agency sued the company in January, saying cars were equipped with "defeat devices" that only turned on full emissions controls when the cars were being tested.

The settlement is not connected to lawsuits by individual states or a criminal investigation by the Justice Department, according to Reuters. It is also not connected to similar claims connected to about 85,000 diesel-powered vehicles with three-liter engines, the Wall Street Journal reported.

This is a developing story and will be updated.