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Business

Volkswagen investors approve $339 million settlement with former execs

2021 07 22T171832Z 1 LYNXMPEH6L13H RTROPTP 4 VOLKSWAGEN ITALY CLASSACTION - Global Banking | Finance

FRANKFURT (Reuters) – Shareholders in Europe’s largest carmaker Volkswagen 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)

(Reporting by Christoph Steitz and Jan C. Schwartz; Editing by Madeline Chambers)

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