BRIEF-Toyota settles US litigation over unintended acceleration, to pay more than $1 bln

Wed Dec 26, 2012 4:29pm EST

Related Topics

Dec 26 (Reuters) - Toyota Motor Corp : * Agrees to pay more than $1 billion to settle U.S. litigation over unintended

acceleration -- settlement papers filed in court * Settlement to resolve all economic loss claims in class-action case against

toyota -- filing in California federal court * Lawyers for plaintiffs say conservatively value settlement at more than $1.3

billion, including safety changes * Settlement includes direct payments to cusomers as well as installation of

brake override system in about 3.25 million vehicles -- lawyers for

plaintiffs * Settlement includes $250 million fund for former toyota owners who sold

vehicles at reduced prices resulting from publicity over unintended

acceleration * Settlement includes $250 million fund for current toyota owners not eligible

for brake override system * Toyota agrees to pay up to $200 million in attorney's fees and $27 million in

costs -- court papers * U.S. district judge james selna to review proposed settlement for preliminary

approval on December 28 -- lawyers for plaintiffs

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article