Toyota Motor Corporation has agreed to pay benefits worth up to $1.4 billion to settle multi-district class action litigation pending in federal court in Santa Ana, California. In the litigation, plaintiffs asserted claims for economic losses associated with unintended acceleration problems reported in certain Toyota, Lexus and Scion vehicles. The settlement includes $250 million for vehicle owners who sold their cars during a specified period, another $250 million for vehicle owners whose vehicles are not eligible for a brake-override system, and an expanded customer support program for current vehicle owners, among other benefits.
United States District Judge James V. Selna, who is presiding over the litigation, appointed Marc M. Seltzer of Susman Godfrey L.L.P. to serve as one of plaintiffs’ Co-Lead Counsel for the Class plaintiffs in litigation. Working together with our other Co-Lead Counsel, we were able to achieve this historic settlement.
On December 28, 2012, the Court granted preliminary approval to the settlement. A fairness hearing is scheduled for June 14, 2013, on plaintiffs’ application for final approval of the settlement.
Further information about the settlement is available at www.toyotaelsettlement.com. Class members should check the settlement website regularly for updates and further details regarding the litigation.