Kenneth Feinberg Promises A 'Generous Solution' to Volkswagen Diesel Owners
In an interview with German newspaper, Frankfurter Allgemeine Sonntagszeitung, Feinberg explained that his promise to develop a compensation program within 60 to 90 days wasn't going to happen. This is due to Volkswagen and EPA/CARB still working on a possible fix for the 2.0L TDI.
"..my hands are tied, while VW and the authorities do not resolve their differences. The original time frame could be delayed, therefore," said Feinberg.
Another problem Feinberg has to figure out is what an appropriate compensation will look like. This becomes complicated as there are two generations of the 2.0L TDI engines involved in the scandal.
“The jury is still out, and at the moment all options are up for debate: cash payments, buybacks, repairs, replacements with new cars,” said Feinberg.
“I can promise that there will be a generous solution.”
Volkswagen has previously offered owners of models equipped with the 2.0L TDI a goodwill package that included two $500 gift cards - a Visa and Volkswagen Dealership - and three years of roadside assistance.
The big question for Volkswagen is will anyone take advantage of the program once it goes live. Feinberg believes so and backs this up with data from the previous funds he has overseen.
"When funds for the victims of September 11, 97 percent of claimants have accepted my offer. If GM and BP were also more than 90 percent. This must also be the target for VW. VW has given me full authority to decide on compensation."