Settlement reached in Toyota acceleration cases [View all]
Source: Associated Press
LOS ANGELES (AP) — Toyota Motor Corp. said Wednesday it has reached a settlement worth more than $1 billion in a case involving hundreds of lawsuits over acceleration problems in its vehicles.
The company said in a statement that the deal will resolve cases involving motorists who said the value of their vehicles was adversely affected by previous recalls stemming from sudden acceleration problems.
Lawyer Steve Berman, a plaintiffs' attorney, said the settlement is the largest settlement in U.S. history involving automobile defects.
"We kept fighting and fighting and we secured what we think was a good settlement given the risks of this litigation," Berman told The Associated Press.