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Volkswagen to get $351 million in dieselgate settlement with former executives

Stock MarketsJun 09, 2021 07:41AM ET
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2/2 © 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 Photo 2/2

BERLIN (Reuters) - Volkswagen (DE:VOWG_p) 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)

Volkswagen to get $351 million in dieselgate settlement with former executives
 

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Comments (1)
Joseph Armour
Joseph Armour Jun 09, 2021 8:39AM ET
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Wow!!! Can I get insurance to buy me out of any loss when I decide to commit felonies that harm hundreds of millions of people?
 
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