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.