The Highest Civil Court in Germany Has Invalidated A Multi-Million Settlement between Volkswagen and Former Top Executives Regarding The Diesel Scandal. This Settlement Protected Executives From Claims Related to the Scandal.
Shareholders Agreed to arrangements from 2021, but accordance to the bundesgerichthof in Karlsruhe, They Were Incomplety Informed about the arrangements.
Former CEO Martin Winterkorn and Former Audi Boss Rupert Stadler Allegedly Did Not Immediately Point Out Indications for the use of cheat software. This Software Made Diesels Appear Cleaner in Emissions tests than they were. Winterkorn Paid 11.2 Million Euros and Stadler 4.1 Million Euros to Settle.
Other executives and former executives were also protected from claims related to the scandal. However, Volkswagen did not fully disclose this in the shareholder meeting where the agreement would be voted on. Therefore, The Agreement is Invalid, The Judge Ruled.
Volkswagen Admitted In September 2015 that it had used illegal software to cheat on emissions tests. The Carmaker Found That Winterkorn, Who Resigned A Week After The Scandal Broke, had Violated his Duty of Care and Careed the Company a Lot of Damage. The Matter Has Now Cost the Company More Than 30 Billion Euros in Fines and Damages.