|By PR Newswire||
|January 27, 2014 03:01 PM EST||
Auto Company Pleased to Secure an Agreement for Cases and Provide Affected Owners with Choice of Alternative "Lump Sum" Reimbursement
MARKHAM, ON, Jan. 27, 2014 /CNW/ - Hyundai Auto Canada Corp. today announced that it has entered into an agreement with plaintiffs representing current and former owners and lessees of vehicles affected by the auto company's November 2012 restatement of fuel economy ratings. The adjustment affected approximately 130,000 Hyundai 2011-2013 model year vehicles, increasing their combined city/highway fuel consumption by 0.2-0.8 L/100km. While today's agreement is valued at up to $46.65 million in cash compensation plus other available options, that number is dependent on how many customers elect to participate in the settlement's one-time lump sum payment option or remain in the existing reimbursement program Hyundai introduced at the time of the restatement.
"We are pleased with the proposed settlement, which we believe once again demonstrates Hyundai's commitment to taking care of its customers," said Faithlyn Hemmings, Senior Legal Counsel at Hyundai Auto Canada Corp.
At the time of the restatement, Hyundai provided a reimbursement program to cover the additional fuel costs associated with the rating change - plus a 15 percent premium in acknowledgement of the inconvenience - to customers for as long as they owned or leased an affected vehicle. Affected owners and lessees are compensated based on their actual kilometers driven and the fuel costs for the region in which they live.
"While customers have responded favorably to the original reimbursement program, today's settlement is designed to provide them with an additional compensation option, again intended to make customers fully whole for Hyundai's fuel economy ratings restatement," said Hemmings.
"Hyundai should be commended for doing the right thing and resolving this issue with its customers. The fact that a class member is able to choose one of a variety of lump sum payments, or to remain in the reimbursement program, provides real benefits to this large class of customers," said Michael Peerless of Siskinds LLP, the lead plaintiff lawyer involved in the settlement.
Under the terms of the proposed settlement, a single lump sum payment will be provided as an option to the original reimbursement program. The lump sum payments will vary by type of vehicle, and will be reduced for any amounts already received through Hyundai's existing reimbursement program. For example, an individual owner who purchased a new 2012 Elantra would receive a lump sum payment of $361, minus any previous reimbursement payments. Affected Hyundai owners may elect the one-time lump sum cash payment or remain in the auto company's ongoing reimbursement program for as long as they lease or own the affected vehicle; the choice is theirs. Consumers can also elect other options, such as a dealership credit of 150 percent of the lump sum cash payment amount, or a credit of 200 percent of the cash amount toward the purchase of a new Hyundai vehicle.
Courts in Ontario and Quebec are expected to review the agreement for approval in early 2014. Assuming approval is granted, notices will then be provided to all affected customers.
HYUNDAI AUTO CANADA CORP.
Hyundai Auto Canada, established in 1983 and headquartered in Markham, Ontario, is a subsidiary of Hyundai Motor Company of Korea. Hyundai vehicles are distributed throughout Canada by Hyundai Auto Canada and are sold and serviced through 210 dealerships nationwide. Learn more at www.HyundaiCanada.com.
SOURCE Hyundai Auto Canada Corp.
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