(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.
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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Anexo Group Plc (ANX)