Volkswagen investors approve $339 million settlement with former execs
Reuters
Published Jul 22, 2021 18:18
FRANKFURT (Reuters) - Shareholders in Europe's largest carmaker Volkswagen (DE:VOWG_p) on Thursday approved a deal to settle claims against four former executives, including long-time 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% 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.
($1 = 0.8499 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.