Volkswagen CEO, chairman to stay in office regardless of charges

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Volkswagen’s CEO and chairman will continue to stay in office, the company’s supervisory board stated on Wednesday, a day after German prosecutors brought charges against them for their role in a diesel emissions scandal. The automaker’s supervisory board has not found any evidence that CEO Herbert Diess and Chairman Hans Dieter Poetsch were really late […]

German prosecutors investigate bonus payments to former VW manager

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German prosecutors are probing a possible breach of fiduciary duty by Volkswagen regarding bonus payments made to an executive who was suspended following automaker’s emissions cheating scandal. German automaker was caught using software made for evading emissions tests on diesel engines. Volkswagen has argued the software was the work of a handful of engineers who […]

Ex-Volkswagen CEO Winterkorn charged over diesel emissions scandal

Former Volkswagen CEO Martin Winterkorn

Martin Winterkorn has been charged over his involvement in the company’s diesel emissions scandal. The public prosecutor in Braunschweig charged former Volkswagen CEO Martin Winterkorn and four other managers with alleged fraud. Volkswagen stated it would not discuss the indictments. Winterkorn is currently facing criminal charges in the US, but is not likely to face […]

U.S. judge grants preliminary approval to $48 million Volkswagen investor settlement

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A U.S. judge in California has okayed preliminary approval to a $48 million settlement for investors who stated Volkswagen AG made incorrect and misleading statements about its excess diesel emissions. Lawyers for the investors, who include police and other municipal pension funds, had calculated that the highest they could have recovered was $147 million. However […]

German court orders a Volkswagen investor to pay damages for disclosure violations

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A German court ordered Porsche Automobil Holding SE to pay shareholders 47.2 million euros ($53.8 million) in compensation for breaching disclosure rules over an emissions scandal at its major investment Volkswagen. Shareholders who held Porsche SE stock from May 23, 2014, and September 22, 2015, were entitled to be compensated for the share costs reduces […]

Volkswagen ex-CEO, Bosch CEO not expected to testify in Stuttgart trial: judge

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Former Volkswagen CEO Martin Winterkorn and Bosch CEO Volkmar Denner are no more expected to testify in a trial brought against the automaker’s main shareholder Porsche SE by investors, according to a judge. Majority of the two dozen witnesses called in the case have invoked their right to reject to provide evidence, Judge Fabian Richter […]

U.S. monitor wants more transparency from Volkswagen concerning emissions

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Volkswagen’s external compliance monitor on Monday stated he did not agreed with some Volkswagen executives’ use of privacy and attorney client privilege rights to withhold details regarding a $27 billion global emissions cheating scandal. The German automaker was ordered by the United States Department of Justice to provide three yearly reports examining its breaches to […]

Volkswagen may seek damages from ex-CEO Winterkorn over scandal

Former Volkswagen CEO Martin Winterkorn

Volkswagen is checking whether to seek damages from former Chief Executive Martin Winterkorn, who was a CEO of the automaker when it became known that the automaker had cheated on emissions tests, supervisory board member Stephan Weil informed a newspaper. “Damages against former management board members are under serious consideration, I’m not just stating that,” […]

Braunschweig investigation of ex-VW CEO unaffected by U.S. indictment

Former Volkswagen CEO Martin Winterkorn

German investigators will keep investigating former Volkswagen AG CEO Martin Winterkorn’s role in the automaker’s emissions test cheating scandal, the Braunschweig prosecutors’ office stated. “Our investigation strategy does not change only because the Americans file charges against Winterkorn,” a spokesman for the prosecutors’ office stated on Friday. The U.S. indictment of Winterkorn, submitted in secret […]