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Toyota’s $1.1 Billion U.S. Settlement Delayed
A federal judge in Santa Ana, Calif., has given Toyota Motor Corp. and plaintiffs' attorneys more time to provide information that might convince him to finalize a $1.1 billion settlement of economic claims related to Toyota's 2009-2010 safety recalls.
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A federal judge in Santa Ana, Calif., has given Toyota Motor Corp. and plaintiffs' attorneys more time to provide information that might convince him to finalize a $1.1 billion settlement of economic claims related to Toyota's 2009-2010 safety recalls.
The company reached the tentative accord in December to settle a class-action lawsuit brought by owners of Toyota, Lexus and Scion vehicles who said the recalls hurt the resale value of their vehicles.
U.S. District Judge James Selna says the agreement is "fair, adequate and reasonable." But he delayed final approval because of concerns about how the funds would be allocated to beneficiaries. Lawyers for both sides say they will provide him with updated details.
Selna has scheduled a July 19 hearing to reconsider final approval of the settlement.
The agreement includes $757 million in cash for former owners who sold their vehicles between September 2009 and the end of 2010. The remaining $875 million in "non-monetary benefits" would cover Toyota's costs to retrofit brake override systems on about 4.8 million vehicles.
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