Volkswagen to get $350 million in settlement with former executives

Volkswagen has agreed to settle claims against four former executives, including former CEO Martin Winterkorn, that will see the automaker get 288 million euros ($350 million) in compensation associated with its emissions scandal.

The settlement came on the same day that German prosecutors charged Winterkorn with giving misleading testimony to the German parliament when he said he was not aware of the automaker rigging diesel engine tests before it became public.

The settlement marks a major milestone in the automaker’s efforts to turn a page on its biggest-ever corporate scandal, which has cost it over 32 billion euros in vehicle refits, fines, and legal costs so far.

Wednesday’s deal, which consists largely of a 270 million euro payment from directors’ and officers’ liability insurances, also consists of a settlement with former Audi DEO Rupert Stadler.

It will still require approval at the group’s annual general meeting on July 22.