Judge Approves $1.6B Settlement in Toyota Unintended Acceleration Class-Action
Toyota has won final approval for a settlement in its unintended acceleration cases where consumers claimed that recalls caused their vehicles to lose value.
The settlement, which is valued at as much as $1.63 billion, resolves economic-loss allegations by Toyota owners following the recall of more than 10 million vehicles worldwide between 2009-2010. It includes $757 million in cash and $875 million in non-monetary benefits. According to an attorney for the plaintiffs, those that submitted claims will receive 100 percent of their claims in the settlement.
Payments to individuals involved in the settlement will range from $9.74 to $10,000 depending on the Toyota model owned, rented or leased. The settlement however doesn’t resolve personal-injury and wrongful-death lawsuits.
Rather than fighting litigation, Toyota moved to settle on a lump sum payment in order to settle the matter.
[Source: Bloomberg]
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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