VW will get $351M in diesel settlement with former execs
VW will get $351M in diesel settlement with former execs
Automaker reaches agreement with former CEO Martin Winterkorn and three other former top execs
Nathan Eddy
Winterkorn has agreed to pay 11.2 million euros compensation.
BERLIN Volkswagen Group said it has reached agreement with former CEO Martin Winterkorn and three other former top executives over compensation for their involvement in the automaker s diesel-emissions scandal.
The settlement means VW receives 288 million euros ($351 million) in compensation related to the scandal that has cost the company more than 32 billion euros in fines, refits and legal costs.
Volkswagen s Former CEO Martin Winterkorn To Pay EUR11.2 Mln To Settle Over Dieselgate Scandal
WOLFSBURG (dpa-AFX) - Volkswagen AG ((VKW.L, VLKAF.PK, VOW.BE) on Wednesday said that it has reached an agreement to settle its claims against four former executives, including long-time CEO and former Chairman Martin Winterkorn, related to its dieselgate scandal.
Winterkorn will pay an amount of 11.2 million euros, while former board member and Audi AG s Chairman Rupert Stadler will pay an amount of 4.1 million euros. Volkswagen has also reached an agreement about compensation payments from its D&O insurance in this regard to an amount of 270 million euros.
1/2
A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in Wolfsburg, Germany September 9, 2019. REUTERS/Fabian Bimmer
Read More
Volkswagen said on Wednesday it had agreed to settle claims against four former executives, including long-time CEO Martin Winterkorn, that will see the carmaker receive 288 million euros ($351 million) in compensation related to its emissions scandal.
The settlement came on the same day that Berlin prosecutors charged Winterkorn with giving false testimony to the German parliament when he said he was unaware of the carmaker rigging diesel engine tests before it became public. read more
The settlement marks a major milestone in Volkswagen s (VOWG p.DE) efforts to turn a page on its biggest ever corporate scandal, which has cost it more than 32 billion euros in vehicle refits, fines and legal costs so far.
VW To Receive $351 Million In Dieselgate Settlement With Former Execs carscoops.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from carscoops.com Daily Mail and Mail on Sunday newspapers.