Toyota agrees to $1 billion settlement on unintended acceleration vehicle problems
NEW YORK — A few years ago, Toyota Motor Co. was reeling from reports of “unintended acceleration” of some of its newer vehicles like the Toyota Camry (a perennial best seller in America for a long time).
This acceleration caused many wrecks and was blamed on automobile deaths as well. While there are still wrongful death and personal injury cases still pending against Toyota, the giant automaker – which until last year was the largest in the world – agreed to over a billion dollars in a automobile settlement that should become one of the largest of its type in automobile history is approved by Judge James V. Selna.
3.2 million Toyota vehicles are included in the settlement, many of which were affected by several recalls and have had special safety features already installed. The owners of the vehicles covered under this pending settlement would receive cash payments.
Toyota has also agreed to contribute $30 million to finance automotive safety research related to driver behavior and unintended acceleration, with the total settlement after everything is included expected to be in the $1.2 to 1.4 billion range.