© Reuters. FILE PHOTO: A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg, Germany September 9, 2019. REUTERS/Fabian Bimmer/File Photo2/2
BERLIN (Reuters) – Volkswagen (DE:) said on Wednesday it had agreed with former executives, including ex-CEO Martin Winterkorn, to settle claims related to the dieselgate scandal that will see the carmaker receive 288 million euros ($351 million) in compensation.
The settlement comes as Winterkorn was charged by Berlin prosecutors with giving false testimony to the German parliament when he said he was unaware of the carmaker’s diesel emissions cheating before it became public.
Winterkorn stepped down as Volkswagen CEO in September 2015, a week after the scandal, in which the company admitted using illegal software to rig U.S. diesel engine tests, broke.
The settlement, which consists mainly of a 270 million euro payment from directors’ and officers’ liability (D&O) insurances, also includes a settlement with former Audi boss Rupert Stadler.
It still needs to be approved at the company’s annual general meeting on July 22.
($1 = 0.8205 euros)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.