Toyota Has Agreed To Pay Over One Billion Dollars To Resolve Sudden-Acceleration Suits

Plagued by recalls Toyota has agreed to pay more than one billion dollars to settle claims related to sudden-acceleration recalls. But Toyota’s problems over the last several years aren’t limited to acceleration issues. On October 29, 2009, Toyota recalled 3.8 million Toyota and Lexus vehicles because of sudden acceleration occurring as a result of driver’s side floor mats sticking under acceleration pedals. On November 25,2009, Toyota recalled 110,000 Tundra pickups because of excessive rust that caused rear brake performance issues. On November 26, 2009, Toyota announced that it would shorten and modify the acceleration pedals on 3.8 million Camry, Avalon and Lexus models. On February 9, 2010, 500,000 Prius and Lexus models were recalled because of braking problems.

Toyota problems were so wide-spread that public confidence was shaken and Toyota owners began to suffer damages in the form of reduced resale value. Recently Toyota agreed to pay $s1.2 billion to settle a class action filed by Toyota drivers. The damages included loss of resale value, funds for an improved brake override system, a special extended warranty and funding for research.

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