A Liverpool law firm is set to receive a boost of over £7m after agreeing a settlement with Volkswagen (VW).
Anexo Group has reached an out of court settlement with the automotive giant regarding claims against its EA189 diesel engines.
The group's legal services division, Bond Turner, represented around 12,000 claimants.
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Both Anexo Group and VW have said the terms and conditions of the settlement are confidential.
VW added that 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 a statement issued to the London Stock Exchange, Anexo Group said: "Anexo can announce that the group has reached an agreement with Volkswagen AG and its subsidiaries to conclude the claims of around 12,000 claimants represented by the group.
"The VW Emissions case was handled by a specialist team within the group'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.
"The terms of the agreement are subject to confidentiality restrictions, however the group can announce that it will have a net positive cash position to Anexo of £7.175m.
"Given the timing of the agreement, it will not have an impact on the results for the year ended 31 December 2022."
A spokesperson on behalf of Volkswagen Group 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."
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