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Toyota reaches USD25m lawsuit settlement with US investor  Join our daily free Newsletter

MENAFN - 14/11/2012

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(MENAFN) Toyota Motor Corp has reached a settlement deal for a US shareholder class action lawsuit accusing the company of not disclosing safety and quality issues related to recalls and reports of unintended vehicle acceleration in 2010, Reuters reported.

The automaker will pay USD25.5 million, which was detailed in documents filed by the plaintiffs in the US District Court in Los Angeles, pending approval by US District Judge Dale Fischer in Los Angeles.

If the settlement is Okayed, it would resolve a major lawsuit that had dogged Toyota since reports of its vehicle recalls stole headlines two years ago.

Toyota investors began suing Toyota for securities fraud in February 2010 amid reports of accidents related to unintended acceleration by Toyota vehicles.

Toyota subsequently recalled up to 10 million Toyota or Lexus vehicles at a cost of USD5 billion.

 






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