Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Volkswagen nears dieselgate claims settlement with ex-CEO

Reprints
VW

(Reuters) — Volkswagen AG on Sunday said it had reached the broad outlines of a settlement with former boss Martin Winterkorn over his role in the dieselgate scandal, with the final details to be thrashed out over coming days.

Via the settlement, Volkswagen is trying to turn the page on its biggest ever corporate crisis in which it admitted using illegal software to rig diesel engine tests in the United States. No details were given on the size of the deal.

“In its meeting yesterday, the supervisory board agreed the essential conditions,” a VW spokesperson said in a statement. “The agreements will be concluded in coming days.”

Since it broke, dieselgate — one of the biggest corporate scandals ever — has cost the carmaker more than 32 billion euros ($38.93 billion) in fines, refits and legal costs.

Volkswagen in late March said it would claim damages from former Mr. Winterkorn for breaching his duty of care by failing to fully and swiftly clarify circumstances behind the use of unlawful software functions in some diesel engines.

Mr. Winterkorn has denied being responsible for the scandal. He resigned as CEO on Sept. 23, 2015, a week after the scandal was uncovered.

 

 

 

Read Next

  • VW executives, supplier charged in dieselgate scandal

    German prosecutors have charged 15 Volkswagen AG executives and a supplier in the diesel emission scandal, Automotive News reported citing Reuters. The suspects are accused of aiding and abetting fraud in addition to tax evasion, criminal advertising, and indirect false certification related to the defeat devices that were installed in millions of Volkswagen vehicles to cheat diesel engine tests.