vzbv and Volkswagen agree on a fair settlement solution in the declaratory model action
The Federation of German Consumer Organisations (vzbv) and Volkswagen today reached agreement on the negotiated settlement of €830 million in connection with the class-action suit. The agreement was made possible on the initiative of the president of the Higher Regional Court of Braunschweig.
Hiltrud Werner, member of the Board of Management responsible for Integrity and Legal Affairs at Volkswagen AG, said: “The agreement is good news for customers. We and the Federation of German Consumer Organisations have achieved a fair and verifiable settlement solution. We would like to thank the president of the Higher Regional Court for his constructive approach as a conciliation judge and will now do everything in our power to offer and make the one-time payments as quickly as possible.”
Dr Manfred Döss, Chief Corporate Counsel at Volkswagen AG, said: “It is good that we are now able to offer consumers a settlement in conjunction with the Federation of German Consumer Organisations after all. This confirms that the settlement in these proceedings is a reasonable solution for everyone – customers, the judiciary and Volkswagen. Independent monitoring of the implementation and transparent processing of the settlement were priorities for both sides and both will be ensured. For this reason, Volkswagen will also provide legal advice as required and on request. In addition, an independent ombudsperson’s office will be set up to handle any disputes.”
Volkswagen AG is already working intensely to develop a platform for straightforward processing of the settlement. Beginning at the end of March, customers entitled to settlement payments will therefore receive a one-time payment easily and quickly. Until the platform is completed, interested individuals can register for an e-mail newsletter at vergleich.volkswagen.de to receive information about the latest developments related to the VW settlement.