Detroit, MI: A $1.6 billion settlement has been approved by a federal judge, ending a defective products lawsuit pending against Toyota. The settlement will be used to compensate vehicle owners who suffered financial losses as a result of sudden, unintended acceleration, which was widely reported with certain Toyota vehicles between 2009 and 2010.
In January, 2010, consumers learned about a Toyota safety recall that affected approximately 2.3 million vehicles. The Toyota recall was due to an issue in which accelerator pedals on specific Toyota models became stuck.
The settlement will compensate Toyota vehicle owners who sold or traded in their vehicles at a loss. Compensation will range from $125 to $10,000 per claim, depending on the level of depreciation.
This settlement does not address or cover individual personal injury and wrongful death claims which are pending.
