VW reaches $42 million settlement with U.S. owners over Takata air bags

Volkswagen's U.S. unit has agreed to a $42 million settlement covering 1.35 million vehicles that were equipped with potentially dangerous Takata air bag inflators.

The settlement is the latest by major automakers and much of the funding goes to boosting recall completion rates. To date, seven other major automakers have agreed to settlements worth about $1.5 billion covering tens of millions of vehicles.