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2/14, 1:12 PM (Source: TeleTrader)
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VW fails to reach settlement with consumer groups

Volkswagen AG said on Friday that its talks with the Federation Of German Consumer Organisations (VZBV) to settle a lawsuit brought by around 400,000 of customers over the carmaker's emissions scandal.

The company said it offered to pay €830 million in compensation but that VZBV's lawyers demanded an additional €50 million in fees, which Volkswagen refused to pay.

In 2015, Volkswagen admitted it used emissions-cheating software on its diesel cars manufactured between 2007 and 2015 to pass emissions tests and has already paid billions in penalties worldwide as a result. In January, the carmaker and the VZBV agreed to enter negotiations on a "possible settlement" with the goal to find "pragmatic solution for the benefit of the customers" affected by the scandal.

Breaking the News / NP