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Ex-FBI Director to Manage $1 Billion Takata Airbag Fund
Former FBI Director Robert Mueller is expected to manage a nearly $1 billion Takata Corp. fund to compensate the company’s carmaker customers and those injured by its exploding airbag inflators.
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Former FBI Director Robert Mueller is expected to manage a nearly $1 billion Takata Corp. fund to compensate the company’s carmaker customers and those injured by its exploding airbag inflators.
The fund was created in January when Takata agree to plead guilty to U.S. criminal charges of wire fraud for misleading regulators about flaws in the inflators that can cause them to explode when triggered by a crash.
Takata has already paid $125 million into the fund to compensate individuals injured by the devices. The company also must contribute $850 million to be disbursed among as many as 19 carmakers who have already recalled roughly 46 million Takata inflators worldwide. The company estimates 100 million inflators should be replaced.
U.S. District Court Judge George Steeh says he intends to appoint Mueller to administer the fund after reviewing any objections.
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