SAN FRANCISCO (CBS/AP) — Toyota Motor Corp. said Wednesday it has reached a settlement worth more than $1 billion in a case involving unintended acceleration problems in its vehicles.
The company said the deal will resolve hundreds of lawsuits from Toyota owners who said the value of their cars and trucks plummeted after a series of recalls stemming from claims that Toyota vehicles accelerated unintentionally.
Steve Berman, a lawyer representing Toyota owners, said the settlement is the largest in U.S. history involving automobile defects.
“We kept fighting and fighting and we secured what we think was a good settlement given the risks of this litigation,” Berman told The Associated Press.
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The proposed deal was filed Wednesday and must receive the approval of U.S. District Judge James Selna, who was expected to review the settlement Friday.
Toyota said it will take a one-time, $1.1 billion pre-tax charge…
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