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VW SCANDAL: BOSCH AGREES $327.5m PAYOUT

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VW SCANDAL: BOSCH AGREES $327.5m PAYOUT


bosch_logoOE parts maker Bosch has agreed to compensate U.S VAG Group diesel car owners and used car dealers in the fallout of the emissions scandal. The agreement follows a class action from a number of people affected.

The company has agreed to pay out on 2.0l engines fitted to VW and Audi vehicles and 3.0l engines, which were also fitted in some Porsches. The total of the settlement comes to US $327.5m.

In a statement, the company stresses that it doesn’t acknowledge the facts as alleged by the plaintiffs, nor does it admit liability.

“Upon careful consideration of all relevant aspects, we have in this case decided to enter into a settlement agreement. Bosch is currently undergoing the biggest transformation process in its company history. We wish to devote our attention and our resources to the transition in mobility and in other areas of activity”, said Dr. Volkmar Denner, Chairman of the Management Board of Robert Bosch.

The settlement requires approval by a judge in the U.S. Once a hearing has gone ahead, those involved will be informed of their rights and options. It is proposed that the Court considers final approval of the settlement agreement in early May.

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