In recent years, people all over the world watched nervously as the issue that related to defective Toyota vehicles hit the news. Congressional hearings were held in the United States and the auto manufacturer faced scrutiny of a level of intensity that had never before been seen. Clearly, this Toyota recall issue touched millions of people at different levels and it led to a massive outpouring of litigation. This included a class action lawsuit that was filed against Toyota for the loss in economic value of these vehicles by owners who ultimately had trouble reselling them.
That Toyota recall lawsuit has now settled in the amount of $1.1 billion. Below you will find a brief overview of this lawsuit, why it was filed, how it was settled and examples of the terms that it will entail. Anyone who has trusted a product that turned out to be defective and who has been harmed as a result needs to obtain the assistance of experienced California defective products lawyers as soon as possible.
The Toyota Recall Lawsuit Settlement – A Brief Description
The Toyota recall class action lawsuit has recently settled for $1.1 billion, and it is being paid out to Toyota owners who claimed economic loss as a result of owning vehicles that were subject to the recall. Basically, the plaintiffs in this lawsuit claimed that they were either unable to resell their vehicles or they were only able to do so at a fraction of what these models would have been worth had they not been potentially defective. The problem with these vehicles was their tendency to suddenly accelerate.
In addition to the $1.1 billion in payments, Toyota also agreed to install a brake-override system in vehicles where gas pedals did get stuck in floor mats. People who sold their Toyota vehicles between the dates of September 1, 2009 and December 31, 2010 will also be able to draw from an additional $250 million fund that was set up to compensate people for vehicles that are not eligible for a brake-override system.
It should be noted that this settlement, while massive in its raw number, is not one that will remove the possibility of claims being filed against Toyota for the actual defect that may have caused physical harm to owners and passengers. This settlement is only to compensate for the economic losses incurred by the vehicle owners. Therefore, there could be additional litigation that’s initiated in the future.
People whose interests were harmed in one way or another because of this Toyota recall faced a corporate giant that had a lot of outside pressure placed upon it. When that pressure is not present, it can be difficult for consumers to obtain justice. If you or someone you love has been injured by a product, you need to seek the help of California defective products lawyers who have been standing up for consumers for many years. Contact the Demas Law Group today to schedule a free initial consultation.