First Huge settlement could be Admission of Guilt for Terror Motors ?
A U.S. judge gave final approval to the settlement of a class action lawsuit against Toyota Motor Corp by plaintiffs who claimed design defects caused some of the company's vehicles to accelerate without warning.
The terms include direct payments to customers as well as free installation of brake-override systems in an estimated 3.25 million eligible vehicles, and the establishment of a customer support program, according to court filings.
Plaintiffs' lawyers valued the deal at more than $1.6 billion, calling it "a landmark, if not a record, settlement in automobile defect class action litigation in the United States," according to court filings. The lawsuit was filed in 2010.
Toyota, which has the third largest share of the U.S. auto market, announced in December that it would take a one-time pre-tax charge of $1.1 billion to cover the estimated settlement costs.
Concerns about potential unintended acceleration issues caused Toyota to recall more than 10 million vehicles between 2009 and 2011. Plaintiffs said in the lawsuit that media reports and consumer complaints about the alleged defects caused the trade-in value for their vehicles to plummet.
More than 22 million potential class members have been notified of the settlement, according to court filings. Owners of affected Toyota, Lexus and Scion
The settlement of the lawsuit covers economic losses stemming from the alleged safety defects, but does not include claims of wrongful death, personal injury or property damage.
Pocket change for the #1 car company in the world.No bail out money needed like another company we know.Mr.Hood can rest easy now along with Mr. Obama.Detroit is our next bail out money problem caused by you know who!!!!!