VW pays nearly $10M to end proceedings against chairman
Volkswagen Group has agreed to pay 9 million euros ($9.9 million) in a deal with a German court to end legal proceedings against its chairman and CEO, who were accused of holding back market-moving information on rigged emissions tests.
The court in Brunswick in VW’s home state of Lower Saxony was hearing charges of stock market manipulation against CEO Herbert Diess, as well as Supervisory Board Chairman Hans Dieter Poetsch.
VW in September 2015 admitted using illegal software to cheat U.S. diesel engine tests, battering its share price. Prosecutors had accused Diess and Poetsch of a delay in informing investors of the company’s wrongdoing.