Volkswagen will pay 193 million pounds ($242 million) as part of an out-of-court settlement to around 91,000 British driversover a diesel emissions scandal, litigation funder Therium and the German carmaker said on Wednesday.
Volkswagen, which is also contributing towards claimants' legal costs and other fees, said it had made no admissions in respect of liability, causation or loss but that the costs of London trials and appeals made it prudent to seek a settlement.
"The Volkswagen Group is pleased that we have been able to conclude this long running litigation in England and Wales," it said in a statement.
"The settlement is another important milestone as the Volkswagen Group continues to move beyond the deeply regrettable events leading up to September 2015."
The company has said about 11 million cars worldwide - and 1.2 million in the UK - were fitted with software that cheated diesel emissions tests designed to limit noxious car fumes and carbon dioxide (CO2) pollution.
Law firms representing British claimants alleged VW, which became engulfed in the scandal in 2015, deceived people into buying cars that breached emissions regulations by installing "defeat devices".
Therium began funding the litigation in September 2016. Its group comprised more than 70,000 of the claimants who sought redress through London courts.
"The settlement that was agreed by the claimant committee is a victory for affected car owners...," said Ben Smyth, investment officer at Therium Capital Management.
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