2016-02-08 14:44:07

Generous Compensation will be Offered by VW to Diesel Car Owners

VW is going to offer generous compensation packs for the owners who suffered from the diesel scandal.

The producer has not specified if the car owners will get car buy-backs, cash, repairs or replacement cars. The new attorney hired by VW to oversee the claims process is sure that an overwhelming majority will gladly meet the eventual compensation offer. This attorney was also the head of the claims fund for GM’s ignition switch recall. He shared with Reuters that he still cannot fully start acting as VW and the authorities have not negotiated their differences.

Though, VW is giving the attorney full authority to make up decision concerning the compensation. His earlier experience with compensation funds had more than 90% acceptance rate. Besides, he handled the fund for the victims of 9\11 terrorist attacks up to 97%.

Feinberg mentioned that is was a purely business transaction. Judging from the e-mails received from car owners, they want to be treated fairly even if they had not lost a relative. According to the attorney, they all are reasonable.

American regulators declined VW’s initial scheme to fix diesel engines in January. They raised concerns that the producer may have to buy back some cars from the owners. VW has left $7.5 billion in order to cover repair expenses for affected cars around the globe. This will happen in the 3rd quarter of this year.