facebook
twitter
rss
account
search
search
 

Toyota agrees to billion-dollar settlement

Dec. 26, 2012 at 9:09 PM   |   Comments

NEW YORK, Dec. 26 (UPI) -- Japanese auto giant Toyota Motors has announced a settlement of $1.1 billion in a class-action lawsuit over sudden-acceleration problems in some of its cars.

The company agreed to set up two $250 million funds, CNN reported.

One would be used to compensate Toyota owners who sold their cars between Sept. 1, 2009, and Dec. 31, 2010, compensating them for the loss in resale value of Toyota cars. The other would go to Toyota owners with cars not eligible for brake-override systems.

The balance of the money would be used for a 10-year customer care plan.

Toyota's reputation for quality took a heavy hit with reports of unintended sudden acceleration. Problems have continued with more than 10 million vehicles around the world recalled this year.

The company still faces lawsuits over injuries and deaths from crashes blamed on sudden acceleration.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Madeleine McCann report finds authorities hindered investigation
2
Obama approval rating hits record low in blue California
3
Iran boasts of nuclear energy potential
4
Mary Landrieu hit with residency, ethics complaints
5
Islamic State allegedly beheads second American journalist
Trending News
Video
x
Feedback