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U.S. regulators approve fix for VW 3.0-liter diesel SUVs -- letter

WASHINGTON, Oct 23 (Reuters) - U.S. and California regulators approved a fix for about 38,000 Volkswagen AG 3.0-liter diesel sport utility vehicles with potential excess emissions, a decision that could save the automaker more than $1 billion according to a letter reviewed by Reuters.

The approval, disclosed in a letter Friday to the automaker, means the German automaker will avoid having to buy back luxury 2013-2016 model year diesel Porsche Cayenne, Volkswagen Touraeg and 2013-2015 Audi Q7 SUVs. Under a settlement approved by a U.S. judge in May, VW would have been forced to offer to buyback the vehicles if it had not won approval for a fix. (Reporting by David Shepardson)