Toyota Motor Corp. has settled hundreds of lawsuits involving unintended acceleration problems with its vehicles totaling over $1.2 billion. The company announced the settlement Wednesday, ending hundreds of lawsuits filed since 2009 about the issue.
Toyota has recalled over fourteen million vehicles worldwide because of acceleration issues in several of their models of vehicles, as well as brake problems in the popular Prius hybrid. The manufacturer placed the blame for the problems on stuck gas pedals, faulty floor mats, and driver error.
The total value of the settlement is believed to be between $1.2 and 1.4 billion. The money will be used to compensate owners who sold or turned in leased vehicles because of the problem, pay for supplemental warranty coverage for those who still own the affected vehicles, fund driver education programs, and pay for research into advanced safety technologies.
The settlement only applies to those who suffered an economic loss from the defective vehicles. Claims filed for compensation for death and injury due to the sudden acceleration issue are still free to pursue their lawsuits.
If you or your child has been injured by a defective car, a defective products attorney may be able to help you pursue the compensation you deserve. For more information, call 1-888-BURNETTI.