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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Lawyers In Toyota Corrosion Case Seek Almost $10 Million In Fees
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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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