A judge in Orange County, Calif., approved a $1.6 billion settlement in a class action lawsuit filed by thousands of consumers against Toyota because the value of their vehicles plummeted after the automaker’s large-scale recalls for sudden acceleration issues, UPI reports. This decision does not affect those who have filed a personal injury or wrongful death lawsuit against Toyota. The settlement will, however, result in payments to those who are included in the class-action lawsuit for the depreciation of the value of their vehicles.
Toyota owners who suffered financial losses when selling or trading in their vehicles because of the auto defects will now receive compensation from the Japanese auto manufacturer. According to The New York Times, individual payments will be between $125 and $10,000 depending on how much the vehicle depreciated in value.
The sudden acceleration problems that resulted in the class action lawsuit led to the recall of over 11 million vehicles. In addition to providing payments to individual claimants, Toyota will have to install safety upgrades in about 3.2 million vehicles and set up funds to compensate owners who sold their vehicles between September 1, 2009 and December 31, 2010.
It is not clear how this settlement will affect those who have suffered significant losses because of Toyota sudden acceleration issues. As is common in class action lawsuits, many who have suffered losses greater than the class action claimants pulled out to file their own personal lawsuits. Many personal injury and wrongful death lawsuits against Toyota are pending in courts nationwide.
If you have suffered a loss because of a defective auto part, it may be in your best interest to discuss your legal rights and options with a skilled Oklahoma City auto recall attorney. The experienced personal injury lawyers at Maples Law Firm provide free case evaluations at (405) 705-5050.
