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Toyota is now going to pay out a $1.1 billion dollar settlement in a class action lawsuit from complaints from consumers about its cars. The company has been dogged by problems with its accelerators that have caused some to question the safety of its vehicles.  The settlement was agreed to in California this week, where 16 million owners of Toyota, Lexus and Scion vehicles will receive either payments or safety updates for their automobiles. The settlement allows Toyota to escape without admitting fault.  The company was able to, by paying the money, avoid a long and drawn out legal battle. “One of our overriding goals has been to vigorously defend the safety of our vehicles, and we believe we have done that,” said Mike Michels, a Toyota spokesman. The 2009/2010 recalls and public scrutiny of accidents involving its vehicles—including congressional hearings—dented Toyota reputation for quality and undermined its sales. Its U.S. sales were flat in 2010, a year in which almost every other major auto maker posted gains, and ended its 30-year unbroken run of market-share increases in the U.S. The settlement is one of the largest in a lawsuit involving the automotive industry, said Steve W. Berman, one of the lead plaintiff lawyers. The tentative agreement must still be approved by U.S. District Judge James Selna. Toyota’s costs related to the recalls and probes are likely to exceed $3.1 billion. Toyota estimated in 2010 that the costs of recalls and lost sales world-wide would be around $2 billion, a figure that didn’t include the latest settlement, its legal fees, fines from the U.S.government and additional floor-mat recalls that came afterward. Toyota declined to disclose a total cost. READ MORE

Toyota to Pay out $1.1 Billion for Class Action Lawsuit Over Safety Problems

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Toyota is now going to pay out a $1.1 billion dollar settlement in a class action lawsuit from complaints from consumers about its cars. The company has been dogged by problems with its accelerators that have caused some to question the safety of its vehicles.  The settlement was agreed to in California this week, where 16 million owners of Toyota, Lexus and Scion vehicles will receive either payments or safety updates for their automobiles.

The settlement allows Toyota to escape without admitting fault.  The company was able to, by paying the money, avoid a long and drawn out legal battle.

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