D.he former Audi boss Rupert Stadler made public statements through his lawyer for the first time on the Volkswagen Group’s claims for damages and rejected the claims made against him. “As Mr. Stadler has already stated in his statement to the court, he firmly rejects the allegation made against him and is convinced that he acted correctly,” said his defense attorney Thilo Pfordte of the “Augsburger Allgemeine”.
Stadler is aware that the Supervisory Board of Volkswagen AG is obliged under stock corporation law to examine possible claims and, if necessary, assert them, said his lawyer. “After this extensive, independent review, he is not accused of having acted willfully,” said Pfordte.
The VW Group is demanding damages from Stadler and the former CEO Martin Winterkorn in connection with the diesel scandal in an amount not yet known. The supervisory board accuses the two ex-top managers of violating the duty of care under stock corporation law. According to a report in the Süddeutsche Zeitung, it is said to be an amount of 1 billion euros.
D&O insurers should pay
As is customary in the industry, VW and Audi have taken out a manager’s liability policy for their top managers. As far as is known, the agreement provides for a cover commitment of up to 500 million euros for the consortium of insurers. This means that the diesel affair is already a unique major loss event for the German insurance industry.
Stadler is currently standing in front of the Munich district court because of a possible joint responsibility in the emissions scandal due to fraud. In addition to the former Audi boss, engineers and engine developers who were also accused have to answer. If the criminal chamber convicts Stadler of an intentional crime, the insurers can refuse to provide cover – VW would then not receive any money.
#Recourse #diesel #scandal #Rupert #Stadler #rejects #Volkswagens #claim