Search the Community
Showing results for tags 'Kenneth Feinberg'.
Found 4 results
-
Kenneth Feinberg is still hard at work on developing a compensation plan for TDI owners in the U.S. affected by the diesel emission scandal. But in an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung, Feinberg says "there will be a generous solution." Now what that solution will end up being is unknown at this time. Part of the problem is Feinberg has his hands tied as Volkswagen and the EPA/CARB are still working on trying to figure out a fix for the 2.0L TDI engine. "..my hands are tied, while VW and the authorities do not resolve their differences. The original time frame could be delayed, therefore." The other problem is trying to figure out what an appropriate compensation will look like. “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. Not helping matters are the different generations of the engine in question - the EA189. One generation of the engine might have a different program than the other. Feinberg believes that once the compensation program comes online, most owners will take advantage of it. "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." Source: Frankfurter Allgemeine Sonntagszeitung, Reuters -
Kenneth Feinberg is still hard at work on developing a compensation plan for TDI owners in the U.S. affected by the diesel emission scandal. But in an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung, Feinberg says "there will be a generous solution." Now what that solution will end up being is unknown at this time. Part of the problem is Feinberg has his hands tied as Volkswagen and the EPA/CARB are still working on trying to figure out a fix for the 2.0L TDI engine. "..my hands are tied, while VW and the authorities do not resolve their differences. The original time frame could be delayed, therefore." The other problem is trying to figure out what an appropriate compensation will look like. “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. Not helping matters are the different generations of the engine in question - the EA189. One generation of the engine might have a different program than the other. Feinberg believes that once the compensation program comes online, most owners will take advantage of it. "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." Source: Frankfurter Allgemeine Sonntagszeitung, Reuters View full article
-
This morning, General Motors and Kenneth Feinberg have announced the details for the long awaited ignition switch recall compensation fund. The fund will be open to family members of anyone that was killed or injured due to ignition switch failure. That will include passengers, pedestrians, and other motorists that were killed or seriously injured because of the ignition switch. Victims will be able to begin the process starting on August 1st. Applications are due by December 31st. Feinberg says that claims will take around 90 to 180 days. As for how much GM will be paying out, that is completely up in the air. Feinberg has said that he isn't going to try and estimate how much will paid due to how many variables there are. GM hasn't placed a cap on how much money will be paid out by the fund, which leads some attorneys to think the company could be paying out billions of dollars. “GM understands. GM wants to do the right thing — and the right thing is paying people who can document their claims, and that’s a challenge. I would not dare estimate how many deaths or how many injuries until people file their claim and we evaluate the claim,” said Feinberg. However, victims who apply will have to prove their accident was the cause of the ignition switch. Also if you apply for the fund, you lose your right to sue GM at a later date. Source: Associated Press, The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster. View full article
-
This morning, General Motors and Kenneth Feinberg have announced the details for the long awaited ignition switch recall compensation fund. The fund will be open to family members of anyone that was killed or injured due to ignition switch failure. That will include passengers, pedestrians, and other motorists that were killed or seriously injured because of the ignition switch. Victims will be able to begin the process starting on August 1st. Applications are due by December 31st. Feinberg says that claims will take around 90 to 180 days. As for how much GM will be paying out, that is completely up in the air. Feinberg has said that he isn't going to try and estimate how much will paid due to how many variables there are. GM hasn't placed a cap on how much money will be paid out by the fund, which leads some attorneys to think the company could be paying out billions of dollars. “GM understands. GM wants to do the right thing — and the right thing is paying people who can document their claims, and that’s a challenge. I would not dare estimate how many deaths or how many injuries until people file their claim and we evaluate the claim,” said Feinberg. However, victims who apply will have to prove their accident was the cause of the ignition switch. Also if you apply for the fund, you lose your right to sue GM at a later date. Source: Associated Press, The Detroit News William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
