$1 Billion Toyota Unintended Acceleration Class Action Settlement Preliminarily Approved

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UPDATE: Judge approves Toyota Unintended Acceleration Class Action Lawsuit Settlement.

Toyota Motor Corp. has agreed to pay more than $1 billion to settle a bevy of class action lawsuits filed after Toyota initiated a series of recalls over unintended acceleration in 2009 and 2010. An estimated 16 million Toyota, Lexus and Scion vehicles sold in the U.S. are covered by the class action lawsuit settlement. It is reportedly the largest in U.S. history involving automobile defects.

Toyota owners sued the automaker following a massive recall of millions of vehicles due to a dangerous defect that caused some vehicles to experience “sudden unexpected acceleration.” Owners alleged their car and truck values plummeted following the recalls.

The cases were consolidated in 2010 as In Re: Toyota Motor Corp. Unintended Acceleration Marketing, Sales Practices and Products Liability Litigation.

The proposed deal was filed Wednesday and received preliminary approval from U.S. District Judge James Selna on Friday. It does not cover claims involving injury or death; the first trial involving those lawsuits is scheduled for February.

Under the Toyota economic loss class action settlement, Toyota will offer cash payments to eligible owners who sold vehicles or turned in leased vehicles between September 2009 and December 2010. Nearly 16 million current owners will receive supplemental warranty coverage for certain vehicle components. Toyota will also retrofit about 3.2 million vehicles with a brake override system designed to ensure the car stops when the brakes are applied, even if the accelerator pedal is pushed down.

The Toyota acceleration class action lawsuit settlement will also establish additional driver education programs and fund new research into advanced safety technologies.

“In keeping with our core principles, we have structured this agreement in ways that work to put our customers first and demonstrate that they can count on Toyota to stand behind our vehicles,” said Toyota vice president and general counsel Christopher Reynolds.

Plaintiffs’ attorneys spent two years deposing Toyota employees, going over thousands of documents and reviewing software code.

“We are extraordinarily proud of how we were able to represent the interests of Toyota owners, and believe this settlement is both comprehensive in its scope and fair in compensation,” said Steve Berman, a lawyer representing Toyota owners.

Details on how to file a claim for the Toyota Unintended Acceleration Class Action Lawsuit Settlement are not yet available. Current and former Toyota owners are expected to receive a Settlement Notice in coming months.

Keep checking Top Class Actions for up-to-date information on the Toyota economic loss settlement, or sign up for our free weekly newsletter to get these updates delivered to your inbox. More information is also available at www.ToyotaELSettlement.com.