Latest News

The Handelsblatt reports that Continental has reached a deal with former managers in the diesel scandal.

The Handelsblatt reported on Tuesday that Continental AG, a German company, has reached an agreement with former managers in which their insurance will pay damages between 46.7 million euros and 58.3 millions dollars for the diesel scandal.

According to Handelsblatt, the deal with insurers is subject to shareholder approval and covers only a portion of the 300 million euro total damage.

Continental's spokesperson stated in a press release that the supervisory board has a duty to investigate possible claims of damages in cases where there is evidence of executive board members breaching their duties.

The spokesperson added, "Please be aware that we will not comment further on any details."

In April 2024, Continental

A fine of 100 millions euros was imposed to settle an investigation by the public prosecutor’s office, which has been completed.

Dieselgate, a scandal that rocked the German automotive industry in 2015, revealed that illegal software had been installed on cars to cheat emissions tests.

The scandal has also led to fines for other suppliers, including ZF Friedrichshafen, and Bosch, which is the largest global supplier of auto parts.

Volkswagen, the first place where the manipulations had been discovered, was fined 1 billion euros.

(source: Reuters)