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4 Ex-Car Company CEOs to Pay Millions as Part of Volkswagen Emissions Settlement

4 Ex-Car Company CEOs to Pay Millions as Part of Volkswagen Emissions Settlement
On 6/9/21 at 10:28 AM EDT
Four former car-company CEOs will pay millions in settlement fees after Volkswagen was caught using diesel engines to cheat on emissions tests in 2015, the Associated Press reported.
Martin Winterkorn, an ex-CEO of Volkswagen, will pay $13.6 million for his failure to address the issue when it came to light. His contribution is part of 288 million total euros that will be paid in the settlement, 270 million of which Volkswagen said will come from liability insurance.
Volkswagen said that Winkerton breached his duties of care in a statement following a law firm s investigation. ....

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Former Volkswagen boss to pay firm $13 million over diesel scandal

Volkswagen said Wednesday that former CEO Martin Winterkorn has agreed to pay 11.2 million euros (USD 13.6 million) in compensation for what the company called his failure to quickly get to the bottom of the scandal over diesel engines rigged to cheat on emissions tests.
The German automaker also said it would be receiving 270 million euros (USD 329 million) from liability insurance against loss from the actions of directors and officers.
The company said in a statement that Winterkorn breached his duties of care as CEO, based on an extensive investigation by a law firm commissioned by the company.
The U.S. Environmental Protection Agency caught Volkswagen using software that let the cars pass emissions tests and then turned off air pollution controls during normal driving. ....

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