Former VW, Audi bosses to pay Volkswagen millions over Dieselgate

Volkswagen will receive around $350 million as part of a settlement with executives who ran the company during the Dieselgate emissions cheating scandal, after claiming they breached their “duty of care.”

Former CEO Martin Winterkorn has agreed to pay the company 11.2 million euro ($13.6 million), while former Audi boss Rupert Stadler will pay Volkswagen 4.1 million euro ($5 million). Volkswagen will also receive smaller amounts from two other managers who were implicated in the scandal.

Most of the rest of the money — some 270 million euros (nearly $330 million) — will come from what’s known as “directors’ and officers’ insurance,” or D&O insurance, which normally helps protect executives from individual liability but can also be used...

Continue reading…