A massive class-action lawsuit involving Toyota Motor Corp has resulted in a $1.1 billion settlement, making it one of the largest such resolutions in automotive history. With the settlement, the company is also hoping to move on from a spate of negative headlines, including the now-famous problem of some of its vehicles spontaneously accelerating and causing serious car accident outcomes.
Although the settlement wipes out the potential for lawsuits being filed in search of economic claims, Toyota could still face further legal action in the form of personal injury and wrongful death lawsuits. Such lawsuits could continue to come forth from drivers in North Carolina and across the nation.
In total, about 16 million vehicles made by Toyota were involved in the lawsuit resulting in the settlement. Per the terms of the settlement, Toyota did not admit fault in any form.
Despite the massive payout, Toyota's bottom-line doesn't figure to be hurt in any significant way, especially as Japan's yen declines in value. After the news of the settlement, Toyota shares rose nearly three percent.
But while Toyota has resolved some of the biggest remaining issues regarding its faulty vehicles, industry experts will keep a sharp eye on the company and wait to see if the rash of vehicle defects -- and the resulting motor vehicle accidents -- has actually been curbed.
And while most of the lawsuits have been avoided, Toyota will still have to address various lawsuits stemming from accidents that led to significant injuries and/or fatalities, and those could keep the company's name in the headlines even longer.
Source: Reuters, "Toyota seeks to settle acceleration case for $1.1 billion," Deepa Seetharaman and Bernie Woodall, Dec. 27, 2012
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