I don't think anyone has been permitted a cash refund. In-store purchase or credit. It only makes sense from LV's end--any bag they replace yours with costs them far less than its retail pricing, which is what they would be obliged to give you.
I was offered a cash refund on both my SC Bon Marche and the Flore. I was only offered a store credit for the speedy 30 which was strange because like the other two these bags do not exists for an exchange and but the Flore could be remade. Strange considering it was a Parnassea collection piece which was seasonal. Like the Bon Marché and all 3 were seasonal.