BERLIN—European owners of nearly three million tainted Volkswagen AG cars may go empty-handed despite the agreement in the U.S. on a near $15 billion settlement to resolve the German auto maker’s emissions-cheating scandal.

Volkswagen, Europe’s leading car maker by sales, has agreed to pay up to $14.7 billion to settle legal emissions-cheating claims with regulators and owners of nearly 500,000 diesel-powered vehicles in the U.S.

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