VW investors approve settlement

Shareholders in Volkswagen have approved a deal to settle claims against longtime CEO Martin Winterkorn and three other former executives associated with the company’s 2015 scandal. That year VW admitted to cheating U.S. diesel engine tests. The debacle has cost Volkswagen more than 32 billion euros to date. As part of the settlement, Volkswagen will receive $339 million dollars (288 million euros) in compensation. The settlement was originally announced last month, but required shareholder approval as well as the approval of 99.9 percent of investors. (Source: Automotive News) Read the original article…

About Todd Phillips

Todd Phillips is the editorial director of Universus Media Group Inc. and the editor of Canadian auto dealer magazine. Todd can be reached at tphillips@universusmedia.com.

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