© Todd Lipsky Dreamstime.com Business | February 03, 2017
Bosch gets 'bill due'
Bosch has entered into a settlement agreement with civil claimants in the U.S. in order to settle the most substantial part of the civil law proceedings pending in connection with Volkswagen, Audi and Porsche diesel vehicles that were sold in the U.S.
The corresponding documents have been filed overnight with the competent U.S. 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. For this purpose, Bosch will pay a total amount of USD 327.5 million (approx. EUR 304 million). By entering into the settlement, Bosch neither acknowledges the facts as alleged by the plaintiffs nor does Bosch accept any 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 GmbH. The settlement agreement now reached requires the approval by Judge Charles R. Breyer, who conducts the nationwide multi-district proceedings in which numerous civil law actions have been combined. In a hearing scheduled for 14 February 2017, the Court will consider to grant preliminary approval of the settlement agreement. The class members will then be informed of their rights and options. It is proposed that the Court considers final approval of the settlement agreement in early May. The settlement agreement concerns only civil law claims. As it has done since allegations have first been made public, Bosch will continue to defend its interests in all other civil and criminal law proceedings and to cooperate comprehensively with the investigating authorities in Germany and in other countries.
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