Wednesday, December 26, 2012

Toyota settlement will top $1 billion

Toyota settlement will top $1 billion

From news agencies, NBC News
Toyota Motor Corp. has agreed to more than 1.4 billion $ to rules that US court proceedings claiming that its vehicles suddenly and unintentionally, made accelerated public Wednesday submitted documents according to the Court.

The company said that hundreds of complaints from Toyota owners who said the value of their cars is resolved and truck plummeted after a series of reminiscent of claims that Toyota accelerated unintentionally vehicles.

Steve Berman, a lawyer, the owner of Toyota said that the settlement is the largest in U.S. history with car defects.

"We fight and fight and we backed up, what we think, a good solution given the risks of this litigation was," said Berman The Associated Press.

The planned deal was filed Wednesday and the approval of the U.S. must District Judge James Selna, who was expected to review the settlement Friday get.

Toyota said that it is a one-time, pre-tax charge of $1.1 billion against the result to cover the estimated costs of the settlement lasts. The total value of the transaction between $1.2 billion and $1.4 billion said Berman.

Hundreds of lawsuits have been filed against Toyota since 2009 as the Japanese automaker began numerous complaints that their cars on their own, causing even accelerated crashes, injuries and deaths.

The cases have been consolidated in U.S. District Court in Santa Ana and two categories divided: property damage and wrongful death. Look claims of people, the compensation for injury and death from sudden acceleration are not part of the settlement; the first study, involving these suits is scheduled for February.

The deal direct payments to the customer as well as the installation of an override brake system in about 3.25 million vehicles, said plaintiff lawyers. The terms include also a $250 million Fund for former Toyota owners, sold the vehicles at reduced prices due to bad publicity, and a special fund $250 million for owner not entitled for the brake override system.

The settlement would create additional driver education programs and to fund new research in advanced security technologies.

"We have this agreement in ways consistent with our basic principles, work our customers first and show that they are on Toyota behind our vehicles, can count, structured", said Christopher Reynolds, Toyota Vice President and general Counsel.

Current and former Toyota owners get more information about the settlement in the coming months should. Some information are also under, a Web site created for Toyota owners affected by the settlement.

"We are extraordinarily proud represented as we the interests of owners of Toyota and believe that this settlement is comprehensive in its scope and fair balance could", Berman said.

Hybrid, Toyota has recalled more than 14 million vehicles worldwide because of problems of acceleration in several models and faulty brake with the Prius. Toyota has blamed driver error, faulty floor mats and sticky Accelerator pedals for the unintended acceleration.

Toyota have staff lawyers of the plaintiffs in the deposition of the past two years, usually over thousands of documents and software code review, but the company maintains these lawyers unable to prove that a design defect have been - that Toyota's electronic throttle control system - was responsible for vehicles surges unexpectedly.

The national highway traffic safety were able to find flaws in source Toyota, which could cause problems of administration and NASA.

The company has been fixated on time with fines for reporting no problems.

Earlier this month a record $17.4 million Toyota okay not fast floor mat problems with some of its Lexus models report NHTSA dealt. Toyota paid a total $48.8 million fines for violations of the three in the year 2010.

Toyota President Akio Toyoda before Congress appeared last year and promised to strengthen quality control. Current sales figures show that the company seems to have recovered after their security.

Information from Reuters and the Associated Press was included in this report.

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