Photo: Toyota
Following the sudden acceleration problems on Toyota vehicles in 2009, the Japanese automaker won final approval of a settlement, valued at about $1,63 billion.
The settlement will solve economic-loss allegations brought by Toyota customers related to the 10 million vehicles that were recalled in 2009-2010 for sudden acceleration issues.
“This settlement is focused on getting the maximum amount to our customers,” John P. Hooper, a lawyer for Toyota, said. “[We] are trying to find a resolution that would be of value to Toyota customers and put this litigation behind us,” he added.
The settlement includes $757 million in cash, with $227 million in attorneys’ fees and another $875 million in non-monetary benefits like free brake-override systems installs on eligible vehicles. However, the settlement won’t resolve personal-injury and wrongful-death lawsuits. Another trial is scheduled in Los Angeles this month claimed by the widower and son of the 66-years-old woman who crashed her Toyota Camry in a tree in 2009.
Full story at Bloomberg
“This settlement is focused on getting the maximum amount to our customers,” John P. Hooper, a lawyer for Toyota, said. “[We] are trying to find a resolution that would be of value to Toyota customers and put this litigation behind us,” he added.
The settlement includes $757 million in cash, with $227 million in attorneys’ fees and another $875 million in non-monetary benefits like free brake-override systems installs on eligible vehicles. However, the settlement won’t resolve personal-injury and wrongful-death lawsuits. Another trial is scheduled in Los Angeles this month claimed by the widower and son of the 66-years-old woman who crashed her Toyota Camry in a tree in 2009.
Full story at Bloomberg
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