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Friday, 23 July 2021 16:58

Volkswagen Investors Approve $339M Settlement with Former Execs

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Shareholders in Europe's largest carmaker Volkswagen on July 22 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 in June and which will see Volkswagen receive $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.

 

To read more, see Reuters.