Toyota settles lawsuit over impact of acceleration recalls

By New York Times News Serivce

TOYOTA MOTOR CO. said on Wednesday that it would spend $1.1 billion to settle a sweeping class-action lawsuit by owners of millions of vehicles that were recalled for problems with unintended acceleration.

The agreement, filed in federal court in California, was called one of the largest product-liability settlements in history.

If the agreement is approved by the court, Toyota would compensate current and former owners for loss of value on vehicles recalled because of faulty floor mats and other conditions that could cause sudden acceleration.

READ MORE: http://www.nytimes.com/2012/12/27/business/toyota-settles-lawsuit-over-accelerator-recalls-impact.html?emc=na

Last modified: December 26. 2012 9:11PM
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