Bosch Enters $327.5 Million Diesel Emissions Fraud Settlement Agreement In US
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The German automotive parts supplier Bosch has entered into a $327.5 million (~€304 million) settlement agreement with civil suit claimants in the US relating to the company’s involvement in the Volkswagen diesel emissions fraud scandal, according to a press release from the company.
The settlement relates to the “most substantial part of the civil law proceedings pending in connection with Volkswagen, Audi, and Porsche diesel vehicles that were sold in the US.”
Notably, though, Bosch “neither acknowledges the facts as alleged by the plaintiffs nor does Bosch accept any liability” with its entrance into the settlement agreement.
“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,” stated Dr Volkmar Denner, Chairman of the Management Board of Robert Bosch GmbH.
The press release provides more:
“The corresponding documents have been filed overnight with the competent US court, the United States District Court for the Northern District of California. The settlement agreement was concluded with the Plaintiffs’ Steering Committee (‘PSC’) on behalf of proposed settlement classes.
“The agreement would settle the claims of consumers and dealers of used vehicles against Robert Bosch GmbH, its affiliates, employees, and directors concerning Volkswagen and Audi diesel vehicles with 2.0L engines for model years 2009 through 2015 and Volkswagen, Audi, and Porsche diesel vehicles with 3.0L engines for model years 2009 through 2016.”
The settlement agreement still requires the approval of Judge Charles R Breyer — the head of nationwide, multi-district proceedings where multiple civil law actions have been combined together. A hearing is now set for February 14, 2017; with final approval (or not) slated for early May.
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