XM does not provide services to residents of the United States of America.

Volkswagen reaches $54 million 'dieselgate' settlement with Italian owners



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Volkswagen reaches $54 million 'dieselgate' settlement with Italian owners</title></head><body>

ROME, May 15 (Reuters) -Volkswagen VOWG_p.DE and a group representing car owners in Italy have reached an agreement worth more than 50 million euros ($54 million) to end a legal battle over the "dieselgate" emissions scandal, they said on Wednesday.

In the settlement, over 60,000 car owners affected by the emissions fraud will be paid up to 1,100 euros each, Italian consumer group Altroconsumo said in a statement.

The scandal rocked the automotive industry in 2015 when it emerged that vehicles had been fitted with illegal software to cheat environmental emissions tests. It has cost the German carmaker more than 32 billion euros ($34.8 billion)in fines, refits and legal costs.

Volkswagen's Italian arm confirmed the agreement.

"We continue to work in favour of our customers here in Italy. The agreement brings a years-long litigation to an end and offers a mutual solution for all parties involved," it said in a statement.

The settlement applies to drivers who bought Volkswagen, Audi, Skoda and SEAT cars with diesel EA189 engines between 2009 and 2015.

Altroconsumo started legal action against Volkswagen in 2015, in coordination with its sister organisations in Belgium, Spain and Portugal who are part of the Euroconsumers body.

The group called on Volkswagen to properly compensate dieselgate victims in all countries involved.

"All dieselgate victims are equal and should be treated with equal respect," said Els Bruggeman, Head of Policy and Enforcement for Euroconsumers.

($1 = 0.9207 euros)



Reporting by Francesca Piscioneri in Rome, additional reporting by Christina Amann in Berlin,
editing by Keith Weir

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.