December 20, 2016 / 7:23 PM / 3 years ago

U.S. EPA estimates new VW diesel settlement worth about $1 billion

WASHINGTON, Dec 20 (Reuters) - The U.S. Environmental Protection Agency said on Tuesday the cost of a settlement with Volkswagen AG covering 80,000 polluting 3.0-liter vehicles is about $1 billion, but does not include expected additional compensation for owners.

Cynthia Giles, EPA assistant administrator, estimated that the costs of buybacks, fixes and diesel offsets were about $1 billion, including $225 million going into a trust fund to offset excess diesel emissions. Volkswagen also agreed to pay California $25 million and has reached “substantial agreement” toward compensating owners of the polluting vehicles, a federal judge said on Tuesday.

Reporting by David Shepardson; Editing by Will Dunham

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