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Bob Rand poses for a picture with his 2014, fully loaded Volkswagen diesel Passat on Wednesday, Sept. 23, 2015, in Pasadena, Calif. (AP Photo/Chris Carlson)

(Bloomberg) – Nine months after the Volkswagen AG scandal shocked the world, the carmaker has reached an agreement with regulators and car owners.

The  settlement, if approved by the federal judge overseeing the case, will let owners of about 500,000 2.0-liter diesels sell their cars back to VW or wait for the company to come up with a fix that passes muster with environmental authorities.

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