Hagens Berman: Toyota Unintended Acceleration Settlement Receives Preliminary Approval
December 28 2012 - 5:15PM
Business Wire
A U.S. District Judge today granted preliminary approval to a
settlement valued at more than $1 billion between Toyota (NYSE:TM)
and an estimated 19 million current and former Toyota owners who
claim their vehicles contain defects causing sudden, unintended
acceleration.
The case was filed in 2010 after drivers across the country
reported that Toyota vehicles suddenly and unintentionally
accelerated out of their control. Toyota has long maintained that
the vehicles were free from electronic flaws causing the
acceleration.
“We are pleased that the court gave such swift preliminary
approval of the settlement,” said Steve Berman, managing partner of
Hagens Berman Sobol Shapiro LLP, and co-lead counsel for Toyota
owners and lessees in the case. “We are eager to move the process
forward so we can ultimately distribute funds to Toyota owners as
well as install brake-override systems in more than three million
vehicles.”
With preliminary approval now granted, current and former Toyota
owners included in the settlement will receive information about
the settlement through notices expected to be mailed in early
March. At the same time, information about the settlement will be
published in newspapers around the country, along with a toll-free
number for more information.
On June 12, 2013, Judge Selna will hold a fairness hearing and
will weigh granting the proposed settlement final approval.
Consumers who wish to take part in the settlement must submit a
claim form by July 29, 2013.
Under the terms of the proposed settlement, Toyota will install
a brake-override system in vehicles subject to floor mat entrapment
recalls, provide a fund of $250 million for former Toyota owners
who sold their cars between Sept. 1, 2009, and Dec. 31, 2010,
provide an additional $250 million for current Toyota owners whose
vehicles are not eligible for a brake-override system, and provide
a customer care plan for all 16 million current owners that will
warranty certain parts allegedly tied to unintended
acceleration.
Additional details of the settlement are available at
www.ToyotaELsettlement.com and www.hbsslaw.com/toyota. Consumers
can also call 1-877 283-0507 for more information.
BROADCAST MEDIA:
Broadcast-quality video featuring Steve Berman commenting on the
settlement is available at ftp.clatterdin.com. The username to
access the clips is “HBSS” and the password is “generic.”
About Hagens Berman
Seattle-based Hagens represents whistleblowers, investors and
consumers in complex and class-action litigation. The firm has
offices in 10 U.S. cities, including New York,
Boston, Chicago, Phoenix, Los Angeles, San
Francisco and Washington, D.C. More about the law firm
and its successes can be found at www.hbsslaw.com. Visit the
firm's class-action law blog at www.classactionlawtoday.com.
Toyota Motor (NYSE:TM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Toyota Motor (NYSE:TM)
Historical Stock Chart
From Oct 2023 to Oct 2024