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UPDATE: Anexo reaches out-of-court settlement with Volkswagen

5th Jun 2023 20:02

(Alliance News) - Anexo Group PLC on Monday said it has reached an agreement with Vokswagen AG to conclude the claims of about 12,000 claimants.

Anexo is a Liverpool, England-based credit hire and legal services provider. Volkswagen is a Wolfsburg-based carmaker.

The Volkswagen emissions case was handled by a specialist team within the company's legal services division, Bond Turner.

"This agreement avoids the need for protracted litigation and the substantial legal costs that would have been incurred by both parties had the matter progressed to trial," Anexo said.

It added that whilst the terms of the agreement are confidential, Anexo will have a net positive cash position of GBP7.2 million.

Further, given the timing of the agreement, the settlement will not impact the company's 2022 results.

A spokesperson on behalf of Volkswagen said: "We can confirm that the Volkswagen Group and claimants represented by Bond Turner have reached an out of court settlement in relation to a number of claims brought in respect of certain Volkswagen Group vehicles with EA189 diesel engines.

"The terms and conditions of the settlement are confidential. No admissions in respect of liability, causation or loss have been made by any of the defendants to those claims as part of the settlement.

"In Volkswagen’s view, the legal costs of litigating this case over many years in England were such that settlement was the most prudent course of action commercially."

Shares in Anexo were down 1.1% to 73.19 pence each in London on Monday afternoon.

By Sophie Rose, Alliance News reporter

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