NOTICE OF PORSCHE IMS SETTLEMENT / You may have a right to claim money due
 

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If you own or lease a Boxster or 911 for the model years 2001-2005 and have incurred out of pocket expenses for repairs and/or replacement of your engine as a result of the intermediate shaft (IMS) failure, you may be eligible under the nationwide class action settlement to be reimbursed for all or a portion of out of pocket costs which you incurred up to 130,000 miles on the vehicle or up to ten years after the vehicle is first placed in service, whichever comes first. You can learn more about the settlement and your right to make a claim for compensation at www.imsporschesettlement.com

I just saw this too over on Planet-9. Man I feel for all those that sold their roller I have no idea how this helps them.

Folks like me with a 2000 'S' Double Row got talked into a replacement that wasn't needed so we are out too. Heck it seems anyone that was proactive is hosed.

So it sounds like we should all let them blow up and then go to porsche for funds?

Those participating in the suit may not get a dime....

"The Court will hold a fairness hearing on Monday, December 2, 2013 at 10:00 a.m., to decide whether the settlement is fair, reasonable and adequate for you and your fellow Class Members and whether the Settlement should be finally approved by the Court.

If Judge Snyder approves the settlement, there may be appeals. It is always uncertain whether these appeals (if any) can be resolved, and resolving them can take time, perhaps more than a year. The approval of a class action settlement can be a lengthy process. It is very important to the parties, the attorneys and the Court to make sure that the settlement is appropriate and fair. We thank you in advance for your patience.

When the time for filing appeals has expired and there are no appeals, or if there are appeals, and a Final Judgment Approving the Settlement is finally entered after all appeals have thereafter expired, all approved claims will be paid within 90 days thereafter pursuant to terms of the Settlement."

Opt out or remain
 

There is an option to opt out of the future settlement. If you do, you gain the right to sue on your own. Anyone who has not had a failure yet is able to file a claim if it happens but only in the time period before the car reaches 10 yrs. of service
if you stay in the pool of the settlement. So if you are in the pool and own a 2004 model and your motor blows up next year you are not able to file a claim. Everyone owning a 2003 and earlier are too late if the IMS fails now.
Hard decision whether to opt out if you own an 04 or 05.
The terms definitely favor those who have had a failure and repaired it through a certified Porsche dealer. I think it falls way short on the failures that happen in the next 3-5 years and beyond.
Porsche needs to beef up this settlement to give all of us some peace of mind.

My 986 is more than 10 years old and it has NOT had an IMS failure yet. It seems to me I have two practical choices:

1. object to the settlement and hope the court decides in December the settlement isn't fair
2. opt out of settlement and preserve my right to seek damages for a future IMS failure

The third choice - accept the settlement - would guarantee that I would not receive anything for a future IMS failure because of the 10 year rule.

Do other agree that I am interpertng the settlement right? If so, I will probably opt out.

I think they should have extended that to 15 years due to the amount of low mileage owners out there who are "taking care" of their cars. If a defective IMS is going to fail, it will, and performing scheduled maintenance obviously has no direct correlation here, or the defendants would have won.

I do hope people who have incurred this horribly inconvenient damage in the past get what they rightfully deserve. For those people looking to the future, I think the pool is tiny, especially as the next year passes. The last model year of a car doesn't usually sell very well. I never see facelifted 986s around anyways. In fact, 986s are as rare as hen's teeth in a very Porsche-loving town. Have not seen a single other one since owning it.

My engine was replaced by a previous owner at their cost. I did not experience any out of pocket cost, therefore I am not due anything from this settlement, but the previous owner is if he finds out about it.

So, now I have an engine with about 30,000 miles that was placed in service 7 years ago. I am wondering if this engine would possibly qualify as currently being covered as it is less than 10 years from being placed in service, and less than 125,000 miles?