Where General Motors and Takata have grabbed many auto safety-related headlines this year with their problems with ignition switches and airbag inflators, a few years ago, a similar sort of scrutiny fell on Toyota for unintended acceleration. After multiple settlements with various parties totaling billions of dollars, the issues seem largely behind the Japanese automaker now. Owners are actually starting to receive their money, but it isn't exactly breaking the bank. Payouts are expected to be
Depending on how you want to look at things, the US Attorney's Office $1.2-billion dollar settlement with Toyota in March over its unintended acceleration recall was either a big blow to the company or completely inconsequential. From January to March, net income fell five percent to 297 billion yen ($2.89 billion), compared to 313.9 billion yen ($3.05 billion) a year ago. However, the automaker still posted record full-year profits worldwide.
UPDATE: Just like that, Toyota has released an official statement confirming its $1.2-billion dollar settlement with the US Attorney's Office. Our story has been updated to reflect this development and the automaker's official statement has been added below.
Those quick-charging electric-vehicle charging stations NRG Energy Inc. was supposed to deploy in California for the state's "Electric Expressway"? So far, there's been nothing quick about them. NRG agreed last year to start building the DC fast chargers along the state's highways as part of a $100 million settlement with the California Public Utilities Commission (CPUC), and was supposed to start deploying the first of 200 quick chargers earlier this year. But it hasn't opened any, Plug In Cars
Toyota announced today that it has reached a settlement with the Attorneys General of 29 states and one US territory that will resolve their complaints relating to recalls performed by the automaker from 2005-2010, including those related to sticky accelerators and malfunctioning floor mats that may have contributed to cases of unintended acceleration.
The Toyota settlement recently submitted to US District Judge James Selna for approval will cost the company anywhere from $1 billion to $1.4 billion. All to settle the class-action suit brought against it for economic losses stemming from claims of unintended acceleration. This suit only addresses the perceived loss-of-value that Toyota owners and lessees feel they have suffered, alleging their cars were the victims of unintended depreciation even if they did not directly suffer from the allege
Following news that Toyota has proposed a massive settlement to address the owners of vehicles effected by the unintended acceleration recall, shares for the automaker are up 2.6 percent. Over the course of this year, Toyota's stock has jumped 51.7 percent.
Toyota announced a proposal today worth over a billion dollars to settle civil claims of economic loss related to alleged cases of sudden unintended acceleration in its vehicles from 2009-2010. Estimates place the cost of the settlement between $1.1 billion and $1.4 billion, which would, according to lawyers for the plaintiffs, make it the largest of its type in US history.
The lawsuit settlement we reported on a few weeks ago – the one that was supposed to result in a $100 million commitment to build up plug-in vehicle infrastructure in California – is coming under fire.
It's been a long, drawn-out affair extending back two years since the 2008 Singapore Grand Prix. That's when then-Renault F1 chiefs Flavio Briatore and Pat Symonds allegedly instructed their rookie driver Nelson Piquet Jr to crash on purpose and give the advantage to his world-champion wingman Fernando Alonso. The scandal erupted the following/last season when Piquet blew the whistle. Briatore and Symonds were summarily excommunicated from Formula One and any FIA-regulated racing series (which i
FoMoCo is on the brink of settling a class-action lawsuit brought by owners claiming that Ford's Explorer was prone to rolling over. The settlement covers approximately one million people in California, Connecticut, Illinois and Texas who've owned 1991 through 2001 Explorers.
Honda has decided to settle a class-action lawsuit that alleges its odometers were racking up miles too fast. The automaker says odometers on some 6 million Hondas affected by the suit were accurate to within 3.75% on the high side. The NHTSA doesn't regulate odometer accuracy, and the only industry standard is a voluntary one set by the Society of Automotive Engineers that says odos should be within +/-4%. While the car's affected by the suit fall within that range, Honda recognized that its cu
CarFax is becoming an increasingly popular tool used by both buyers and sellers of vehicles as a way to verify a vehicle's history. Unfortunately, the internet-based service outfit has had to settle a class-action lawsuit that accuses the company of misleading customers into thinking that its reports contain more information than they really do. Despite the settlement, CarFax admits to no wrongdoing.
DaimlerChrysler has finally reached an agreement with its insurers that finally determines who is paying what in a settlement of a lawsuit filed by the automaker's investors over the nature of the merger that created company back in 1998. Chrysler stock holders originally argued that the Daimler-Benz deceived them when describing the joining of both companies as a "merger of equals" and sought an outrageous $22 billion in damages. The lawsuit quotes then DaimlerChrysler head honcho Jürgen S