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Friday, Oct 25
Toyota settles sticky acceleration suit
- Toyota (TM -0.8%) settles an Oklahoma lawsuit over unintended acceleration issues that a jury found caused the plaintiff to crash and undergo injuries in 2007. The jury had ordered Toyota to pay $3M in damages and was deliberating on the question of punitive damages when an undisclosed settlement was reached.
- The case is the first loss for Toyota after jurors in 2 earlier trials in New York and California absolved it of liability. Roughly 200 class actions and 500 individual suits have been filed against the car maker since 2009.
- Toyota ponied up $1.6B to settle economic loss claims (repairs, lower resale values, etc.) previously.