//
you're reading...
Technology

Financial Post | Business

DETROIT — Toyota Motor Corp has agreed to pay as much as US$1.4-billion to settle U.S. litigation claims that its vehicles suddenly and unintentionally accelerated, according to court filings made public Wednesday.

Toyota said it will take a one-time pre-tax charge of US$1.1-billion to cover the estimated costs of the settlement.

Hagens Berman, the law firm representing Toyota owners who brought the case in 2010, said in a press release the settlement was valued between US$1.2-billion and US$1.4-billion. In a plaintiff memo filed in court, the firm estimated that the total package was “conservatively valued” at more than US$1.3-billion.

[related_links /]

The deal amounts to “a landmark, if not a record, settlement in automobile defect class action litigation in the United States,” according to the plaintiff memo. Toyota described the settlement as a “significant step forward” for the Japanese automaker, which has seen its image take a hit from the…

View original post 92 more words

Advertisements

About Nicholas Maithya

I am a writer focussing on disruptive technology, Fintech, Big Data and Internet of Things, Online Marketing trends, and investments. When I am not writing about these, I am probably in the gym working out, out and about with family, watching the news (basically business/technology) or soccer. That's why I do sometimes cover soccer-related stories.

Discussion

Comments are closed.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 714 other followers

Tweets