Volkswagen Offers EUR830 Million Settlement to Participants in German Class-Action Suit
February 14 2020 - 9:01AM
Dow Jones News
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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