Court Approves $1.6 Billion Settlement in Toyota’s Unintended Acceleration Law Suit

2010 Toyota Corolla 1 photo
Photo: Toyota
Japanese automaker Toyota has won final approval for a settlement in its unintended acceleration cases that led to a 10-million recall between 2009 and 2010.
According to Bloomberg, the settlement is valued at $1.63 billion and resolves economic-loss allegations brought by Toyota drivers following unintended acceleration issues. The settlement includes $757 million in cash to affected owners, $227 million to attorneys and $875 million in non-monetary benefits for vehicle upgrades.

“I reaffirm my conclusion that this settlement is fair, adequate and reasonable,” US District Judge Javes V. Selna said during yesterday’s hearing. “I find this settlement to be extraordinary because every single dollar in the cash fund will go to claimants.”

However, this settlement does not affect law suits filed for personal injury or wrongful death, with another trial scheduled in Los Angeles later this month.

Story via Bloomberg
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About the author: Ciprian Florea
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Ask Ciprian about cars and he'll reveal an obsession with classics and an annoyance with modern design cues. Read his articles and you'll understand why his ideal SUV is the 1969 Chevrolet K5 Blazer.
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