06/28/2016 08:36 EDT | Updated 06/29/2016 03:59 EDT

Volkswagen Reaches Emissions Deal That Will See U.S. Drivers Get Up To $10,000

DETROIT -- Volkswagen is agreeing to settle consumer lawsuits and government allegations that it cheated on emissions tests by taking steps that will cost the company $14.7 billion.

Terms of the settlement were revealed Tuesday in orders filed with the U.S. District Court in San Francisco.

volkswagen logo

In this Sept. 26, 2015 file photo a giant logo of the German car manufacturer Volkswagen is pictured on top of the company's factory building in Wolfsburg, Germany. (Photo: Michael Sohn, The Associated Press)

VW will pay just over $10 billion to either buy back the cheating diesel vehicles or repair them. It also will pay owners from $5,100 to $10,000 for their trouble. The German company also has to pay governments $2.7 billion for environmental mitigation and spend another $2 billion for research on zero-emissions vehicles in the U.S.

Lawyers say it's the largest auto-related consumer class-action settlement in U.S. history.

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