Toyota settles unintended acceleration economic claim for $1.1 billion

February 1, 2013 by

Fotolia CarToyota Motor Corp. said on December 26, 2012 that it would spend $1.1 billion to settle a sweeping class action lawsuit by owners of millions of vehicles that were recalled for problems with unintended acceleration.

The agreement, filed in federal court in California, was called one of the largest product-liability settlements in history.

If the agreement is approved by the court, Toyota would compensate current and former owners for loss of value on vehicles recalled because of faulty floor mats and other conditions that could cause sudden acceleration.

Toyota has also agreed to install special safety systems on 3.2 million vehicles that were recalled for floor-mat problems.

The class action suit was filed in 2010 after widespread complaints were made to federal safety regulators about Toyota models that accelerated unexpectedly.

Categories: Class Actions of Interest

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Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, consumer cases, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, employment matters, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.

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