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Volkswagen AG XE:VOW3 XETRA Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.17 -0.17% 98.83 99.04 99.12 102.72 97.02 100.52 1,471,817 16:35:02

Volkswagen Offers EUR830 Million Settlement to Participants in German Class-Action Suit

14/02/2020 2:01pm

Dow Jones News


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   By Kim Richters 
 

Volkswagen AG said Friday that it is offering those participating in a class-action suit relating to its diesel scandal a total sum of 830 million euros ($901.4 million).

The German car maker said it is offering a previously agreed settlement package directly to the people participating in the suit in Germany, after talks with the suit-initiating consumer group VZBV had failed.

"The talks broke down as a result of unwarranted demands of the litigation attorneys who sought a flat fee of EUR50 million to carry out the settlement," the company said.

The consumer group denies that talks failed due to the lawyers' fee claims.

Negotiations with Volkswagen "have unfortunately failed due to Volkswagen's unwillingness to provide a transparent, trustworthy and secure system of settlement for consumers," the group said.

"We are irritated by Volkswagen breaking off negotiations today."

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

February 14, 2020 08:46 ET (13:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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