Create a free Industrial Equipment News account to continue

$399M Settlement Approved with Volkswagen, Former Execs

The compensation is a fraction of what Volkswagen spent as a result of its emissions scandal.

In 2015, Volkswagen admitted to cheating U.S. diesel engine tests.
In 2015, Volkswagen admitted to cheating U.S. diesel engine tests.
iStock

Volkswagen’s shareholders approved a deal to settle claims against four former executives on Thursday, Reuters reported. Former CEO Martin Winterkorn was among the four executives.

The claims were regarding the carmaker’s emission scandal. In 2015, Volkswagen admitted to cheating U.S. diesel engine tests.

Volkswagen will receive $399 million in compensation. The deal, which was announced last month, required shareholder approval and 99.9% of investors agreed to the proposal. 

The scandal has cost Volkswagen north of $37 billion in vehicle refits, fines and legal costs.

More in Operations