Toyota in $1 Billion-plus Settlement in Acceleration Cases

Wednesday, 26 Dec 2012 05:29 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

Toyota Motor Corp. has reached a settlement worth more than $1 billion in a case involving hundreds of lawsuits over acceleration problems in its vehicles.

The company said in a statement on Wednesday that the deal will resolve cases involving motorists who said the value of their vehicles was adversely affected by previous recalls stemming from sudden acceleration problems.

Lawyer Steve Berman, a plaintiffs' attorney, said the settlement is the largest settlement in U.S. history involving automobile defects.

"We kept fighting and fighting and we secured what we think was a good settlement given the risks of this litigation," Berman told The Associated Press.

The proposed deal was filed Wednesday and must receive the approval of a federal judge.

As part of the settlement, Toyota said it will offer cash payments to eligible customers who sold or turned in their leased vehicles between September 2009 and December 2010.

The Japanese automaker also will launch a program to provide supplemental warranty coverage for certain vehicle components, and it will retrofit additional non-hybrid vehicle models that are subject to a floor mat recall with a free brake override system.

The settlement would also establish additional driver education programs and fund new research into advanced safety technologies.

"In keeping with our core principles, we have structured this agreement in ways that work to put our customers first and demonstrate that they can count on Toyota to stand behind our vehicles," said Christopher Reynolds, Toyota vice president and general counsel.

Toyota has recalled more than 14 million vehicles worldwide due to acceleration problems in several models and brake defects with the Prius hybrid. Toyota has blamed driver error, faulty floor mats and sticky accelerator pedals for the unintended acceleration.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sony Hack Adds to Security Pressure on Companies

Friday, 19 Dec 2014 08:34 AM

Faced with rising cybercrime like the attack on Sony Pictures Entertainment, companies worldwide are under pressure to t . . .

Few Big Land Drillers Set to Survive Oil Downturn as Winners

Thursday, 18 Dec 2014 15:51 PM

Large U.S. onshore drilling firms that operate new, faster rigs are best placed to weather the looming downturn brought  . . .

ConAgra Foods' Sales Fall 2%, Miss Estimates

Thursday, 18 Dec 2014 08:37 AM

ConAgra Foods Inc. reported a 2 percent fall in quarterly net sales, due to weak demand for branded foods such as Hunt's . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved