Toyota, three other automakers settle suit over faulty Takata air bags
Toyota, three other automakers settle suit over faulty Takata air bags
Toyota, Subaru, Mazda and BMW settle suit over Takata air bags
20 May, 2017, 01:22
Four auto makers agreed to a $553m settlement to address class-action economic loss claims covering owners of almost 16-million recalled vehicles with potentially defective Takata airbag inflators, court documents filed on Thursday showed.
- A possible residual distribution payment of up to $500. The company's seeking a buyer in the aftermath of what was the biggest auto recall in history. USA air-bag maker Key Safety Systems Inc., recommended by Takata's external committee as the preferred buyer, will still need to identify the undetermined liabilities in US and other jurisdictions to proceed with Takata on an acquisition agreement.
Takata's air bag inflators can explode with too much force, hurling shrapnel into drivers and passengers. The agreements don't constitute admissions of liability on behalf of the automakers and cover vehicles that have been, or will be recalled for Takata phase stabilized ammonium nitrate airbag inflators.
Shares of Takata raised 20% in Tokyo on Friday.
Regulators stated that over 46 million airbag inflators were already recalled, and regulators have explained that the count should go a value between 64 and 69 million replaced airbag inflators by 2019. The Japanese firm reached a $1bn criminal settlement with the United States government earlier this year.
Ford, Honda and Nissan have not yet settled lawsuits into their vehicle recalls. At the time of writing, Toyota had the greatest recall completion percentage of 31.89 percent followed by Subaru with 31.37 percent.
"We look forward to accelerating the removal of Takata airbags from the roads, " Prieto said.
The settlement - by Toyota, BMW, Subaru and Mazda - covers 15.8 million vehicles equipped with rupture-prone air bag inflators.
Fees and Administration: Costs related to class member notification, claims administration, attorneys' fees and expenses, class representative awards, and any other costs are also covered under the proposed settlements.
The settlement includes a new independent outreach programme to dramatically increase recall remedy completion rates and regularly contact owners.
Four automakers including Toyota (NYSE:TM) agree to pay $553M to settle claims stemming from rupture-prone Takata (OTCPK:TKTDY) air bags, in the latest legal settlement in a long-running safety crisis linked to 11 deaths and ~180 injuries in the USA alone.
Takata declined to comment on the settlement.
The settlements will require approval from the court.
The settlement still needs to be approved by the U.S. District Court for the Southern District of Florida but that seems likely now that a settlement has been reached.
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