Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Volkswagen in $242 million UK 'dieselgate' settlement

Economy May 25, 2022 12:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid

By Kirstin Ridley

LONDON (Reuters) -Volkswagen will pay 193 million pounds ($242 million) as part of an out-of-court settlement to around 91,000 British drivers over a diesel emissions scandal that engulfed Europe's largest carmaker in 2015.

Volkswagen (ETR:VOWG_p) (VW) on Wednesday again apologised to customers in England and Wales as it pledged to rebuild trust.

"The settlement is another important milestone as the Volkswagen Group continues to move beyond the deeply regrettable events leading up to September 2015," Philip Haarmann, the chief legal officer at VW, said in a statement.

But the company, which is also contributing towards claimants' legal costs and other fees, made no admissions in respect of liability, causation or loss, saying the costs of London trials and appeals made it prudent to seek a settlement.

Volkswagen has said about 11 million cars worldwide - and 1.2 million in Britain - were fitted with software that cheated diesel emissions tests designed to limit nitrogen oxide (NOx) car fumes.

The so-called "dieselgate" scandal sparked the biggest business crisis in the company's history, costing the German company more than 32 billion euros ($34 billion) in vehicle refits, fines and legal costs so far.

Law firms representing drivers in England and Wales, led by Slater and Gordon as well as Leigh Day, alleged VW deceived people into buying cars that breached emissions regulations by installing so-called "defeat devices".

"This settlement avoids the need for a lengthy, complex and expensive trial process ...," said Slater and Gordon's CEO David Whitmore, whose group was funded by litigation funder Therium.

Therium began funding the lawsuit in September 2016.

($1 = 0.7984 pounds)

($1 = 0.9369 euros)

Court says VW should have published engine plan that sparked dieselgate

Volkswagen in $242 million UK 'dieselgate' settlement
 

Related Articles

Wall Street edges lower, weighed by growth stocks
Wall Street edges lower, weighed by growth stocks By Reuters - Jun 27, 2022 55

By Stephen Culp NEW YORK (Reuters) - Wall Street lost ground on Monday, with few catalysts to inspire much conviction as investors approach the midway point of a year in which...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email