Class Action On Toyota
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FAQ
Toyota has agreed to settle a $78.5 million class action defective air bag lawsuit that the plaintiffs say will ?resolve all economic loss claims and any and all economic loss controversies? alleged against the automaker.
Is there a cash settlement? The $78.5 million settlement will primarily go towards reimbursing affected owners for out-of-pocket expenses. However, after that, if there are still funds left in the settlement account, some Toyota owners may receive a ?residual distribution payment? of up to $250.
Since the Toyota recalls, nearly 200 class action lawsuits have been filed in both state and federal courts. For the most part, the class action lawsuits seek compensation for Toyota owners who have suffered economic losses due to the recall. Those losses include: decreased value of the recalled vehicles.
U.S. Judge James Selna is weighing final approval of a $1.1 billion settlement in Santa Ana, Calif., Bloomberg News reports. He has already approved a preliminary agreement. Of that, the agreement includes $757 million in cash and $875 million in "non-monetary benefits" for owners or former owners of Toyota vehicles.