After years of litigation, Toyota announced on Wednesday a $1.1 billion settlement to resolve lawsuits alleging “unintended acceleration” in select Toyota and Lexus models.
In 2009 and 2010, Toyota recalled millions of vehicles in connection to charges that throttles on these models could jam in the open position.
As part of the settlement, Toyota will create a fund for retrofitting 3.2 million Toyota and Lexus cars with technology that makes them easier to stop in a panic situation. The owners of models that cannot be retrofitted will receive cash payouts. Those who sold the affected vehicles in 2009 or 2010 may be eligible for compensation due to the lowered resale value caused by this issue.
The settlement, according to Toyota, affects 16 million owners of vehicles with electronic throttle controls, regardless of whether or not they were part of the recalls.
The settlement is expected to be approved by tomorrow.
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