By Anthony O. Goriainoff

Anexo Group said Monday it reached an agreement with Volkswagen on behalf of the around 12,000 claimants it represents related to the VW emissions case which will boost its cash by 7.2 million pounds ($9 million).

The London-listed credit hire and legal services provider said the agreement avoids the need for protracted litigation as well as the considerable legal costs which both parties would have incurred had the matter gone on to trial.

"Given the timing of the agreement, it will not have an impact on the results for the year ended Dec. 31, 2022," the company said.

Shares at 1437 GMT were up 4.50 pence, or 6.1%, at 78.50 pence.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

June 05, 2023 11:01 ET (15:01 GMT)

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