autoweek / Toyota frame rust settlement could cost the company $3.4 billion

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Toyota frame rust settlement could cost the company $3.4 billion

Toyota frame rust settlement could cost the company $3.4 billion

Share PinterestEmailAs many as 225,000 steel frames under Toyota Tacoma and Tundra pickups and Sequoia SUVs may need to be replaced, says a lawyer who helped settle a class-action lawsuit against Toyota over the frames' potential for rusting.The repair is an expensive, labor-intensive process that requires nearly the complete disassembly of the vehicle.The proposed legal settlement could cost Toyota as much as $3.4 billion for the repairs, according to court documents.
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Massive Toyota Repair Job Estimated At $3.4 Billion

Massive Toyota Repair Job Estimated At $3.4 Billion

If Toyota's car frames are indeed prone to rust, the company will be facing about $3.4.billion in settlement and a massive repair job to replace the existing frames in question.AdvertisementThis was after a class lawsuit is filed against Toyota for the frames of Toyota Tacoma, Tundras, and Sequia SUVs.

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Toyota in $3.4 Billion Settlement Over Corrosion in Some Trucks and SUVs

Toyota in $3.4 Billion Settlement Over Corrosion in Some Trucks and SUVs

Toyota Motor Corp. has agreed to pay up to about $3.4 billion to settle claims that certain of its trucks and sport-utility vehicles lacked proper rust protection, leading to premature corrosion of vehicle frames.The agreement is a substantial financial setback at a time when the Japanese auto giant's record-breaking profit streak has slowed in recent quarters as a strong yen dents its performance.The company also is part of a...
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Toyota Agrees to $3.4 Billion Settlement in Corrosion Case

Toyota Agrees to $3.4 Billion Settlement in Corrosion Case

Toyota Motors has agreed to a settlement of up to $3.4 billion for a federal class-action lawsuit brought by American owners of pickup trucks and sport utility vehicles whose frames could rust through, plaintiffs' lawyers said in court papers.The proposed settlement covers about 1.5 million Tacoma compact pickup trucks, Tundra full-size pickup trucks and Sequoia S.U.V.s suspected of receiving inadequate rust protection that could lead to corrosion serious enough to jeopardize their structural integrity, according to the court papers.In court papers supporting the settlement, lawyers for the plaintiffs estimated the value of frame replacements at about $3.375 billion based on a cost of about $15,000 per vehicle.
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