Volkswagen investors approve $339 million settlement with former execs

0

FRANKFURT — Shareholders in Volkswagen, Europe’s largest carmaker, on Thursday approved a deal to settle claims against four former executives, including longtime CEO Martin Winterkorn, related to the company’s emissions scandal.

The initial deal, which was announced last month and which will see Volkswagen receive 288 million euros ($339 million) in compensation, required shareholder approval and 99.9 percent of investors agreed to the proposal at the group’s annual general meeting.

Volkswagen admitted in 2015 to cheating U.S. diesel engine tests, sparking the biggest business crisis in its history.

The settlement marks a major milestone in the carmaker’s efforts to turn a page on the scandal, which has cost it more than 32 billion euros in vehicle refits, fines and legal costs so far.

FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Samachar Central is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@samacharcentral.com. The content will be deleted within 24 hours.

Comments
Loading...