Germany’s Volkswagen settles British dieselgate claim

(Reuters) – Volkswagen AG will pay 193 million pounds ($242 million) in an out-of-court settlement with a British consumer group after a so-called dieselgate lawsuit, litigation funder Therium said on Wednesday.

“The settlement that was agreed by the claimant committee is a victory for affected car owners and the impact that this legal action has had on corporate governance on the one hand and the importance of access to justice for consumers on the other cannot be overstated,” said Ben Smyth, investment officer at Therium Capital Management.