Kamen,

Like you I'm in the midde of the same thing with a 2001 V70 T5. If you read several similar threads, your find reference to Victor Rocha. Victor can repair the unit for a very resonable $140 (including his shipping). I noted you said the lights then went off. That I can't explain, but it does sound like a bad connection in the control module. The light may not be on at engine start and come on later as the system runs a self test at about 12 MPH, which is when my ligts come on. After my lights came on, the message display said ABS and STC service required. I had thought it was my control module as this seems quite common. However when it was sent to Victor, he told me the unit was fine. I had him still do the upgrade, and the part is now installed, but I still have the lights.

I borrowed a OBD-II reader, but can get no codes. I intend to try a different reader soon. I'd suggest you do the same before removing the part in case it is something else like mine is. However since it seems that these units are "not if it will fail" but "WHEN", you might do the upgrade with Victor and see if it fixes the problem.

When this starts happening, this usually means that the ABS control module is going out....very common. A member here, Victor Rocha rebuilds these modules for a modest fee of about $140 compared to what the dealer wants for a new one (usually upwards of about $800). Here's his website: http://home.earthlink.net/~vicrocha/
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1998 S70 T5 Emarald Green Metallic (125K), 2004 V70 2.5T Ruby Red (45K), Previous Owner of Black '94 850 Turbo Wagon (Sold at 140K and miss her). My cars have been running so well lately they've got me worried.