Volkswagen diesel settlement worth about $1 billion

The US Environmental Protection Agency said the cost of a settlement with VW covering 80,000 polluting 3.0-liter vehicles is about $1 billion. (AP)

The US 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.

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Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50
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