- Daimler (OTCPK:DDAIF) says it agrees to pay ~$1.5B to settle civil and environmental claims related to emission control systems of ~250K diesel passenger cars and vans in the U.S.
- The company also reaches an agreement to settle class-action litigation brought by consumers that will cost an additional ~$700M.
- Investors in Germany also are suing Daimler for $1B, accusing the automaker of concealing the use of emissions cheating software.
- The company says it has enough provisions to cover the costs, but the agreements, which are subject to approval by relevant authorities, will have an impact on cash flow in the next three years, with the main hit expected in the next 12 months.