Toyota Settlement: $1.1 Billion

Remember all those cars with “unintended acceleration” issues? A proposed settlement may mean money for owners.

Better Investing

Reuters reports…

About 16 million Toyota, Lexus and Scion vehicles sold in the United States spanning the model years 1998 to 2010 are covered by the action, according to court filings made public on Wednesday. Thirty nameplates are affected, including the top-selling Toyota Camry midsize sedan and Corolla compact car.

If the settlement is approved by a judge, roughly a quarter of the money will go to each of these things: lawyers, installations to fix the defective cars, and people who sold those cars at lower prices than they would have without the defect. The article doesn’t say, but presumably the rest goes to customers who still own these vehicles.

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