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Volkswagen Offers Settlement in Class Action Suit

Auto News - Published on Mon, 17 Feb 2020

Image Source: WSJ
The Group Board of Management at Volkswagen AG approved a settlement package during an extraordinary meeting. The Board said the collapse of settlement negotiations with the Federation of German Consumer Organisations Verbraucherzentrale Bundesverband should not have a negative impact on the company’s customers. For this reason, Volkswagen will offer the previously negotiated settlement to customers who joined the class-action suit and who meet the terms of the settlement package without seeking the support of the vzbv.

A settlement of up to EUR 830 million had previously been reached with the federation. Nonetheless, no binding agreement could be negotiated. The talks broke down as a result of unwarranted demands of the litigation attorneys who sought a flat fee of EUR 50 million to carry out the settlement. The federation’s legal advisers were asked multiple times to provide sufficient justification for this fee, but failed to do so. The attorneys have also refused to allow an independent third party to review their request.

Volkswagen AG is working intensely at the moment to develop a platform. Beginning at the end of March, customers entitled to settlement payments will be able to easily and quickly receive the offer for a one-time payment that is designed especially for them. Until the platform is completed, interested individuals can register for an e-mail newsletter at vergleich.volkswagen.de to receive information from the company about the latest developments related to the VW settlement.

Source :

Posted By : Nishith Sharma on Mon, 17 Feb 2020
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