Wednesday October 21, 2020

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
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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