Toyota seeks to settle acceleration case for $1.1 billion. The Japanese automaker seeks to move past the biggest safety crisis in its history.
Shares of Toyota rose nearly 3 percent in Tokyo following the news. Some investors say the settlement removed one uncertainty for the company and looked manageable given its improving sales outlook and a weaker yen.
The proposed settlement will compensate customers for economic losses related to possible safety defects in Toyota vehicles, covering most of the litigation involving unintended acceleration, although it does not cover claims for wrongful death or injuries.
According to court filings made public on Wednesday, about 16 million Toyota, Lexus and Scion vehicles sold in the United States spanning the model years 1998 to 2010 are covered by the action.
Toyota admitted no fault in proposing the settlement, one of the largest of U.S. mass class-action litigation in the automotive sector. Read the rest of this entry