Deal in Toyota case finalized
July 21 , 2013
US District Judge James Selna approved the deal that will affect 22 million consumers.
Many lawsuits were filed against the Japanese car manufacturer after the company started receiving complaints about the cars getting accelerated on their own and resulting in injuries, crashes and deaths. Toyota denied the accusations blaming other factors that could have contributed in such crashes.
This settlement which is estimated to be up to $1.6 billion is said to be the largest one concerning car defects in the history of the United States. Depending on the level of depreciation on the vehicles, consumers could receive money anywhere up till $10,000.
Steve Berman, a lawyer representing Toyoto owners said that this is a great settlement for consumers since it is monetary relief for those that are aware of the reduction in the value of their vehicles. The car manufacturer said that this deal would enable them to help the customers as well as to show them that they can depend on their vehicles.
Toyota has up until now settled a number of cases for wrongful death and the one that is supposed to go on trial is scheduled in Los Angeles for next week.
Toyota will offer cash from a pool of $250 million to eligible customers as part of the economic loss settlement.