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VW will provide cash payments worth between $1,000 and $7,000, depending on the vehicle’s age and other factors, to compensate consumers. (AP Photo)

(Bloomberg) – Volkswagen AG will pay owners of its polluting diesel cars up to $7,000, and agree to fund a grant program to offset air pollution, under a $10 billion settlement being negotiated for submission to a federal judge next week, people familiar with the talks said.

VW will provide cash payments worth between $1,000 and $7,000, depending on the vehicle’s age and other factors, to compensate consumers, the people said. All spoke on the condition they not be identified because U.S. District Judge Charles Breyer, who is supervising the settlement discussions, has imposed a gag order.

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