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Toyota Plans $1.1 Billion Settlement

  • Toyota Motor Corp. filed a deal in a federal court on Wednesday proposing to pay $1.1 billion as a settlement towards a number of lawsuits in the US. These lawsuits relate to the damages caused by safety defects in millions of Toyota's vehicles which start to accelerate unintentionally. The class-action litigation was initiated against the Japanese automaker in what could well be one of the biggest auto safety crises in the country. The proposed deal, if settled will be the largest payout by an automaker in the US. It applies only to suits which claim economic damages due to these safety defects but does not cover the personal injury and wrongful-death suits pending against the automaker. These suits were filed across the country over the last three years.