Toyota Wins Preliminary Approval of $1.1 Billion Recall Accord

 Friday, June 14, 2013

Toyota Motor Corp. and lawyers suing the company persuaded a judge to give preliminary approval to a $1.1 billion settlement of claims that recalls for unintended acceleration hurt the value of U.S. customers’ vehicles. The terms of the settlement filed Dec. 26 are “fair, reasonable and adequate,” U.S. District Judge James V. Selna in Santa Ana, California, said yesterday in granting preliminary approval. Final approval will be determined following a fairness hearing set for June 14, Selna said. The settlement resolves the economic-loss portion of the Toyota sudden-acceleration litigation. Class, or group, actions were filed on behalf of Toyota owners who contended the company drove down the value of their vehicles by failing to disclose or fix defects.