The Highest Civil Court in Germany Has Invalidated A Multi-Million Euro Settlement Between Volkswagen and Former Top Executives Regarding The Diesel Scandal. Shareholders Agreed to the 2021 Agreements, But According to the Bundesgerichtshof in Karlsruhe, They Were Incomplety Informed About the Agreements.
Volkswagen Accused Former CEO Martin Winterkorn and Former Audi Boss Rupert Stadler or Not Imediately Warning About Indications of the Use of Cheat Software, which Made Diesels Appear Cleaner in Emissions tests Than They Were. Winterkorn Paid 11.2 Million Euros, Stadler 4.1 Million Euros, and An Insurer 270 Million Euros.
The Settlement also Protected Other Directors and Former Directors from Claims Related to the Scandal. However, Volkswagen did not mention this in the notice of the shareholders’ meeting in which the agreement would be voted on. Therefore, The Agreement is Invalid, The Court Rules.
Volkswagen Admitted In September 2015 that it had used illegal software to cheat on emissions tests. The Car Manufacturer Found That Winterkorn, Who Resigned A Week After The Scandal Broke, Violated His Duty of Care and Thus Caaed the Company a Lot of Damage. The Issue Has Now Cost the Company More Than 30 Billion Euros in Fines and Compensation.