Judge Grants Approval Of $1.6 Billion Toyota Motor Corp's SUA Settlement

Friday, 19 Jul 2013 04:15pm EDT 

U.S. District Court Judge James Selna of the Central District of California announced that it has issued a final ruling in the Toyota Motor Corp sudden, unintended acceleration litigation, in which he granted final approval to a settlement of economic loss claims valued at $1.6 billion in benefits for class members. The lawsuit alleged that the trade-in value of Toyota vehicles plummeted after media reports and consumer complaints concerning an alleged defect that caused the vehicles to suddenly accelerate out of control. The settlement includes a number of benefits for class members. Under its terms, Toyota will install a brake-override system in vehicles subject to floor mat entrapment recalls. The settlement also includes the establishment of a $250 million fund from which to compensate current owners not eligible for a brake-override system.