Volkswagen will pay $14.7 billion to settle with three federal agencies suing the automaker for its excessive diesel emissions, the highest ever paid by a company for violations under the Clean Air Act.

The Environmental Protection Agency, the Federal Trade Commission, and the Department of Justice announced the partial settlement with no lack of joy for the influx of new federal funding, with EPA administrator Gina McCarthy (pictured below) admitting the money will cut nitrogen-oxide emissions in “ways that current budgets could never have realized.” A total of $10 billion will cover costs to buy back all 475,000 Volkswagen TDI models with 2.0-liter engines. A total of about 460,000 Volkswagen and 15,000 Audi models are still registered on the road out of the 499,000 cars originally cited by the EPA. Owners of these specific 2009?2015 models will receive the “fair replacement value” of their cars as of September 17, 2015, the day before the company’s scandal went public. The values will range between $12,500 and $44,000, depending on model, age, trim, and region, according to FTC chairwoman Edith Ramirez. Leases can be terminated early with no penalty. Volkswagen can’t resell or export the cars without first performing a repair approved by the EPA and the California Air Resources Board, which the automaker also must offer to owners for free. Anyone who only elects the emissions fix?which may not even be possible, according to McCarthy?...