Ex-Volkswagen executives and their insurers paid €288 million in compensation over the diesel scandal

Ex-Volkswagen executives and their insurers paid €288 million in compensation over the diesel scandal

Court documents show that four former executives of German car group Volkswagen and their liability insurance companies will pay the company 288 million euros in compensation in connection with the so-called diesel scandal.

Including ex-Volkswagen CEO Martin Winterkorn will pay 11.2 million euros, ex-Audi CEO Robert Stadler 4.1 million euros, ex-Porsche board member Wolfgang Hax 1.5 million euros and former Audi board member Stefans Kniers – 1 million euros.

In addition, Volkswagen will also receive €270 million from insurance companies insuring the liability of four former CEOs.

Compensation amounts are determined by mutual agreement.

In September 2015, Volkswagen caused a global scandal, admitting that up to 11 million cars in the world are equipped with certain types of diesel engines, and they are equipped with software to falsify harmful emission indicators.

Winterkorn resigned a few days later, but denied any personal misconduct.

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