VW Diesel Owners Quick To Pick Buyback Over Emissions Fix

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Publish Date:
August 29, 2016
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Source:
Bloomberg
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Summary

Given the choice of fixing diesel-cheating Volkswagens or getting their money back, car owners are lining up for the cash.

Almost half of the 475,000 affected U.S. drivers have already registered to participate in Volkswagen AG settlement program a month after the deal won preliminary court approval. VW’s pact with owners and U.S. regulators offers options, including a cash buyback or $5,100 and a free fix for their vehicle.

“This is a huge number in a relatively short period of time,” said Deborah Hensler, a law professor at Stanford University who teaches classes on multidistrict and international class action disputes. “But on the other hand, it would be shocking if a huge fraction of class members were to opt out.”

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