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Toyota Agrees to Pay $1 Billion in Economic Loss Settlement

Last Updated: 28 December, 2012

Toyota has agreed to settle hundred of lawsuits in regards to unintended acceleration problems with some of its vehicles; the settlement is valued at over $1 billion. According to one lawyer, it is the largest settlement regarding automobile defects in the United States.

Many of these lawsuits began after complaints from 2009 came to the Japanese automobile maker about vehicles that accelerated on their own which caused crashes, injuries, and death. The affected lawsuits focus on the plummeting value of their vehicles after a series of recalls for the Toyota brand.

The economic loss settlement will see Toyota offering cash payments to elegible customers who sold or turned in leased vehicles between September 2009 and December 2010. This money will come from a pool of about $250 million. The settlement also includes extended warranties and retrofitting 3.2 million vehicles with new brake systems that stops the car even if the accelerator pedal is depressed.

The lawsuits were filed in the U.S. District Court of St. Ana. The lawsuits regarding injury and wrongful death are separate from this settlement. The first trial in that area begins in February 2013.

It should not take a crash or a death to fix a problem with a product. If you or a loved one know someone who has been injured by a recalled automobile, call Spiros Law, P.C. at (815) 929-9292 to find out your legal rights.