Owners to get cash is largest settlement in Canadian history
If you own one of the diesel-powered Volkswagens found to have emissions-cheating software, you're involved in the largest class-action lawsuit in Canadian history. A settlement worth $2.1-billion has been reached to be shared among 105,000 owners.
That works out to between $5100 and $8,000 each in cash compensation.
Windsor lawyer Harvey Strosberg, representing one of several law firms involved in the action, says cash is only part of the deal. Owners who opt to sell their vehicle back to Volkswagen will get a break on depreciation. "If you decide to sell your car in September, 2017, you don't have to pay the depreciated value. You drove the car for two years and the car will not depreciate."
The settlement has been months in the making and Strosberg describes it as a Canadian first. "To my knowledge, and I'm very much attuned to class actions, there has not been a billion- dollar settlement against a corporation ever in Canada. No-one has paid anything close to a billion dollars."
Owners now have to decide if they accept the terms of the settlement. If not, Strosberg says they can opt out by early March and pursue a settlement separately.