- Aug 4, 2009
REPORT: Ford Explorer suit draws to close; lawyers big winners, plaintiffs less so
While the attorneys argued the lawsuit was valued at $500 million (assuming that nearly one million consumers would flock to dealerships and cash-in those nifty coupons for new Fords), the settlement is really only costing the automaker about $27 million. All told, the attorneys will pocket an impressive $25 million of the bounty, while another $950,000 is donated to the Automotive Safety Research Institute for "research into protecting passengers in rollover accidents." The balance (at most $846,500) will go to the 1,693 class members who applied for the $500 certificates before the April 2008 cutoff. In case you were wondering... as of this June, only 75 of the vouchers ($37,500 worth) had been redeemed.
[Source: The Associated Press (via Yahoo) | Image: Alex Wong/Getty]