Overview

• BGH’s corporate law panel voided the AGM-approved agreement with Volkswagen’s D&O insurers, citing inadequate disclosure about broad claim waivers.
• The case returns to the Higher Regional Court in Celle to reassess the approvals and whether former executives could be required to pay more.
• Volkswagen’s 2021 settlements had set payments at €11.2 million from Martin Winterkorn, €4.1 million from Rupert Stadler, and about €270 million from insurers.
• Judges directed a renewed review of whether shareholder questions at the AGM were sufficiently answered, including on the executives’ financial capacity.
• Shareholder protection groups had challenged the resolutions, and the ruling could expose the insurers and former managers to higher potential claims.