Last Friday, Toyota's stock closed at $79.56. That represents a 12-percent drop in market capitalization. For those keeping track, that's a loss of $15 billion. Naturally, there are a number of none-too-pleased shareholders hanging on to their stock in the Japanese automaker.
Toyota Class Action
"When we talked with Toyota owners, they all voiced the same desire – to drive the car back to the lot, hand them the keys and pick up a check." So says Steve Berman, a lawyer from Seattle who has filed a class action lawsuit against Toyota on behalf of "dozens" of owners in Arizona and Washington. Fat chance, right?
And the Toyota beat rolls on. Or should we say the Toyota beat down rolls on. Check this out: a group of Toyota owners (and leasers) have asked a judge to file a class action suit demanding that until their accelerator pedals are fixed, Toyota should pick up the tab for the recalled cars. That's right, some folks in Cincinnati feel they shouldn't have to make any payments to Toyota until their cars are fixed. Here's what the lawyer filing the suit has to say:
Following a statement from the DOT and NHTSA asserting that the unintended acceleration issue potentially involving millions of Toyota vehicles is "not closed," McCuneWright, LLP, a law firm in Southern California, has filed a national class action lawsuit on behalf of all Toyota and Lexus owners that claim to have experienced this phenomenon. Representing the class will be Los Angeles County residents Seong Bae Choi (owner of a 2004 Camry) and Chris Chan Park (owner of a 2008 FJ Cruiser).
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