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.
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…
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