Toyota to pay $1 billion to settle recall case

The Japanese carmaker recalled more than 10 million vehicles for problems related to unintended acceleration in 2009 and 2010.

27th December, 2012
Toyota to pay $1 billion to settle recall case
Akio Toyoda, president of Toyota, poses with the company's redesigned Crown Athlete sedan at its unveiling in Tokyo, Japan.

Toyota is to take a $1.1 billion charge to settle U.S. consumer claims that the value of their vehicles diminished because of recalls related to unintended acceleration.

The settlement, pending approval from a judge in federal court in Santa Ana, California, will cover costs such as cash payments to customers, Toyota said in a statement yesterday.

The deal is valued at $1.2 billion to $1.4 billion, a record in the U.S. in terms of financial...

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