Arab Today, arab today toyota reaches 11bn deal with us
Last Updated : GMT 13:48:18
Arab Today, arab today
Arab Today, arab today

Toyota reaches $1.1bn deal with US

Arab Today, arab today

Arab Today, arab today Toyota reaches $1.1bn deal with US

Chicago - AFP

Toyota has agreed to pay about $1.1 billion to settle a class action lawsuit launched by US vehicle owners affected by a series of mass recalls, the Japanese automaker said Wednesday. Toyota did not accept any blame but agreed to compensate owners who argued that the value of about 16.3 million vehicles took a hit from dozens of deadly accidents allegedly caused by Toyota vehicles speeding out of control in 2009. The deal will cover the cost of installing a free brake override system in about 2.7 million vehicles. It will also provide cash payments to those who sold their vehicles in the wake of the recalls or who own vehicles ineligible for the override system. Once lauded for its safety standards, Toyota was forced into damage control mode in recent years after recalling millions of vehicles over a series of serious defects. Earlier this year it added two models to the controversial 2009-2010 recalls launched after it was discovered that floor mats were trapping the accelerator pedals. Toyota\'s mishandling of the initial problem and other reports of sudden, unintended acceleration led to a US congressional probe, more than $50 million in fines from US regulators and public apologies by its chief. Just two weeks ago, the company agreed to pay a record $17.35 million fine for failing to promptly notify US authorities that the floor mats could also be trapped under the accelerators of 2010 Lexus models. Toyota has worked hard to regain its reputation for safety, while at the same time fighting off the impact of the economic crisis, a strong yen and the devastating 2011 quake-tsunami disaster. The settlement helps Toyota avoid a lengthy and risky court battle with angry owners who also argued that Toyota\'s technology -- not the trapped floormats -- were behind the deadly instances of sudden, unintended acceleration. \"This was a difficult decision -- especially since reliable scientific evidence and multiple independent evaluations have confirmed the safety of Toyota\'s electronic throttle control systems,\" Christopher Reynolds, Toyota Motor North America\'s chief legal officer, said in a statement. \"However, we concluded that turning the page on this legacy legal issue through the positive steps we are taking is in the best interests of the company, our employees, our dealers and, most of all, our customers.\" Earlier Wednesday Toyota forecast a 22 percent jump in worldwide sales this year to 9.7 million units, driven by surging demand that may help it regain the top spot in the global auto market. Those figures could put Toyota ahead of General Motors and Volkswagen as the world\'s biggest automaker, a title it held between 2008 and 2010 but lost last year after a slump in sales and production. Japan\'s biggest automaker also said it expects to sell about 9.91 million vehicles in 2013, up two percent on-year. The settlement, which was filed in a California federal court Wednesday, must still be approved by a judge. It includes $250 million for owners who\'ve sold their vehicles, $250 million for owners whose vehicles are ineligible for the brake override system and $30 million for safety research. Toyota will also provide free repairs for certain components linked to the recall. Toyota said it would take a $1.1 billion charge to cover the estimated costs of the settlement and two other cases. A lead attorney for the plaintiffs told the Wall Street Journal that Wednesday\'s deal could end up costing Toyota as much as $1.4 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today toyota reaches 11bn deal with us Arab Today, arab today toyota reaches 11bn deal with us

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:57 2017 Sunday ,26 February

Huawei wins MRM Business Innovation Award

GMT 08:49 2017 Saturday ,25 February

Shell plans $300 mn investment in Argentina shale

GMT 05:40 2017 Saturday ,25 February

British Airways owner reports profit

GMT 15:19 2017 Thursday ,23 February

Companies' commitment to Bahrainisation quotas praised

GMT 14:48 2017 Thursday ,23 February

Etihad Airways Engineering signs deal with Kenya Airways

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday