In absence of every other recourse, laws in most EU member states dictate that the retailers accept returns for a full refund, if they are not able to "repair" the defect, or exchange with another unit that works as advertised (which a retailer obviously can't, in this case). Retailers' options in the matter boil down to: 1. Taking back cards from whoever isn't happy with their GTX 970 and giving them a refund; 2. compensating with something of value (eg: game-coupons, in-game currency, etc.,) and 3. Springing up a surprise, such as exchanging GTX 970 cards purchased before a set date, with a GTX 980 (if that's your idea of a "repair."). This will come at the expense of a cascading lawsuit-chain (customers suing retailers, who in-turn sue AICs, and who in-turn sue NVIDIA).
NVIDIA, on the other hand, plans to issue a driver update that will "improve" the way the chip allocates resources, but there's no word on whether it re-enables disabled components that NVIDIA wasn't honest about, the first time around. They're counting on the issue to simply blow over, because at $329, there really isn't much you can complain about the GTX 970, given how it's positioned in comparison to the GTX 980.