 "Dieselgate: VW will get $351 mn in settlement with former executives")
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 ($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.
The settlement marks a major milestone in Volkswagen's efforts to turn a page on its biggest ever corporate scandal, which has cost it more than ^32 billion in vehicle refits, fines and legal costs, so far.
The scandal, which Volkswagen initially blamed on a small number of rogue engineers, also spurred it to launch a huge investment in electric cars.
Volkswagen and top shareholder Porsche are still subject to ^4.1 billion worth of shareholder claims in relation to the scandal, but it could take years before any agreement is reached.
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.
The settlement marks a major milestone in Volkswagen's efforts to turn a page on its biggest ever corporate scandal, which has cost it more than ^32 billion in vehicle refits, fines and legal costs, so far.
The scandal, which Volkswagen initially blamed on a small number of rogue engineers, also spurred it to launch a huge investment in electric cars.
Volkswagen and top shareholder Porsche are still subject to ^4.1 billion worth of shareholder claims in relation to the scandal, but it could take years before any agreement is reached.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%