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Volkswagen investors approve $339 million settlement with former executives

Shareholders in Volkswagen on Thursday agreed to a deal to settle claims against four former executives, including former CEO Martin Winterkorn, related to the automaker’s emissions scandal.

The initial deal, which was declared last month and which will see the automaker receive 288 million euros ($338.93 million) in compensation, required shareholder approval and 99.9% of investors agreed to the proposal at the group’s yearly general meeting.

Volkswagen admitted in 2015 to have used defeat devices to cheat on U.S. diesel engine tests. This resulted in a crisis among diesel vehicles.

The scandal marks a major milestone in the automaker’s efforts to turn a page on the scandal, which has cost it more than 32 billion euros in vehicle repairing, fines, and legal costs until now.

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