Honda has agreed to settle a class action lawsuit that claims the rear brakes in late model Accords and Acura TSXs prematurely wear out more than twice as fast as they should. Nearly 750,000 Honda owners are affected.

According to The New York Times, the suit claims the unreasonable wear was due to a defective design that caused excessive force to be applied to the vehicle’s rear wheels. The suit also claims Honda refused to provide repairs under the new-car warranty and failed to warn new buyers that the rear brakes would require such frequent repairs. The defective brake design has not been identified as a safety problem.

The class action settlement is set for preliminary approval in May. Under the proposed settlement, owners of 2008-2009 Accords and 2009 (and some 2010) Acura TSXs who had the brake pads replaced and rotors resurfaced will be reimbursed for half the cost, up to a maximum $125. Affected owners will also be given up to $150 to have new, redesigned brake pads installed.

UPDATE: This class action settlement has been preliminarily approved. A fairness hearing is scheduled July 26, 2010. If given the final approval, you’ll have 90 days from July 26 to submit a claim form. Please see www.accordsettlement.com/index for more information and to download a claim form.