Toyota has won final approval for a settlement in its unintended acceleration cases where consumers claimed that recalls caused their vehicles to lose value.
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Toyota has announced it has reached an agreement to settle outstanding lawsuits in the US related to the automaker’s previous recalls for unintended acceleration.
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Hoping to put its long saga of recalls and reports of unintended vehicle acceleration to bed, Toyota has agreed to pay $25.5 million in order to settle a U.S. shareholder class action lawsuit.
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Toyota took a media beating over the last few years when the unintended acceleration phenomenon hit the news. And even though the National Highway Traffic Safety Administration (NTHSA) has exonerated the Japanese automaker, former owners of Toyota vehicles are now suing for “pure economic loss” from all of the negative press.
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Florida and New York car owners accusing Toyota of driving down the value of its vehicles by not disclosing or fixing defects related to unintended acceleration, has had the majority of their claims dismissed.
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