TELETRADER News
5/19/2020, 10:06 PM (Source: TeleTrader)
more TeleTrader news

VW execs avoid charges after €9M settlement

Top Volkswagen AG executives, CEO Herbert Diess (pictures) and Chairman Hans Dieter Poetsch, agreed to pay a total of €9 million to settle criminal charges against them in Germany related to the company's dieselgate scandal. They will each pay €4.5 million.

Volkswagen's Supervisory Board said it welcomed the termination of the proceedings.

The charges were made at the Braunschweig Higher Regional Court which also oversaw a consumer class-action lawsuit against the company. The two executives were being charged for market manipulation as prosecutors claimed they were too slow to admit to investors that the company cheated on diesel engine CO2 emission tests.

Breaking the News / VP