Toyota Reaches $1 Bil Deal in Runaway Cars Case | TheDetroitBureau.com

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Toyota Fine-S

Toyota Reaches $1 Bil Deal in Cars Case

Deal 100s of cases — but more still unresolved.

agreed to a record fine month for delaying the recall of the RX due to unintended acceleration issues.

Motor Co. has reached a more $1 billion settlement intended to put an end to of lawsuits stemming from the problems with unintended But Toyota still faces a series of lawsuits from who claim to have been by runaway vehicles.

The proposed specifically covers lawsuits by owners who alleged that the of their cars, trucks and had plummeted substantially as a result of the triggered by a series of revelations and that eventually involved than 14 million Toyota worldwide.

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The maker said it also launch an extended warranty covering 16 million current while also installing safety technology on 3.2 million of its But in light of other recent that have involved more Toyota products it unclear if the settlement will be to repair the Japanese giant’s shining image.

“This marks a significant step for our company, one that will us to put more of our energy, time and into Toyota’s central making the best vehicles we can for our and doing everything we can to meet needs,” said Christopher P. Group Vice President and Counsel, Toyota Motor U.S.A, and Chief Legal Toyota Motor North

The deal must still the approval of U.S. District James Selna, who has been 100s of lawsuits that been filed since 2009 when the maker the first in a series of recalls to unintended acceleration.

The first action involved carpets that could jam pedals making it difficult to a vehicle. A subsequent recall in early 2010 involved accelerator assemblies. Toyota has announced several other related to unintended acceleration.

A of studies conducted for the National Traffic Safety Administration allegations that Toyota also suffered from engine control systems could lead to unintended But the agency has nonetheless fined the maker repeatedly for failing to act a known safety defect in time, as required by law.

this month, Toyota to pay a $17.35 million fine for a recall involving loose carpets in its Lexus RX crossovers.  It $48.8 million in fines in for similar delays.

(For more on Toyota’s fines, Click Here .)

The has faced a variety of different which were consolidated the auspices of the U.S. District in Santa Ana, California.  The settlement only involves suits alleging that saw the value of their vehicles as a result of the unintended acceleration

A total of $250 million be offered to those who sold or in a leased vehicle between 2009 and December 2010, at the of the scandal.

Another $250 will be used to extend the coverage on select vehicle for owners and lessors of 16 million products and to retrofit 3.2 million with a brake override That technology is intended to reduce engine power the brakes are touched, even if a inadvertently also applies the

Toyota Fine-S

The remaining funds will be for safety research and driver programs.

“We think (this) was a settlement given the risks of litigation,” Steve Berman, a representing Toyota owners, the Associated Press.

It is not clear how of the settlement, which Berman at $1.2 billion to $1.4 will go to plaintiffs attorneys. meanwhile, said it would a one-time charge against of $1.1 billion.

As for those who to have been injured in acceleration crashes – and those who are on behalf of deceased family – that case is currently to see the first trial begin in barring any additional settlement.

Toyota appears to be hoping it can defend itself by referring to of the two NHTSA studies, one conducted by the Academy of Sciences, the other by Neither could find any that Toyota vehicles from electronic gremlins – the NASA study did leave the possibility that such did exist but were difficult to

During an emotional February hearing before Congress, President Akio Toyoda to step up efforts to ensure the of the company’s vehicles – and to increase the time when problems are

The maker has pointed to its strong in recent quality and reliability But skeptics also note not the latest fine for recall but the fact that Toyota has millions more vehicles year. That includes the largest recall ever due to window switches that catch fire.

But industry analysts say that the problems appear to have had little impact on its sales.

entry was posted on Thursday, 27th, 2012 at and is filed Automobiles. You can follow any responses to entry through the RSS 2.0 feed. comments and pings are currently

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