VW expected to buy back 500,000 US diesel cars

Sources tell Reuters the automaker Volkswagen is expected to buy back some 500,000 diesel vehicles sold in the US that exceeded legal emission levels.

UNITED STATES (Reuters) - It's the latest round of damage control for automaker Volkswagen.

Two sources tell Reuters that Volkswagen and US officials have reached a framework deal to buy back some 500,000 vehicles that used sophisticated software to evade US emission rules.

The German automaker is expected to buy back the Jetta sedan, Golf compact and Audi A3 sold since 2009... after VW admitted last year it cheated on emissions tests for 11 million vehicles worldwide since 2009.

The compensation fund is expected to exceed more than $1 billion, but it is not immediately clear how much car owners might receive.