Toyota, 3 other automakers settle suit over Takata air bags

Toyota, 3 other automakers settle suit over Takata air bags

Toyota, 3 other automakers settle suit over Takata air bags

Under the provisionary settlement, Toyota agreed to pay $278.5 million, BMW $131 million, Mazda $75.8 million and Subaru $68.3 million.

The settlement provides owners with up to $500 and compensation for out-of-pocket costs related to the recall.

The settlement addressed claims from the owners of nearly 16 million recalled vehicles, and will resolve economic losses of vehicle owners and lessees, including reimbursing them the cost of replacement vehicles while waiting for the airbags to be fixed.

Lawsuits against Honda, Ford and Nissan have not been settled, lawyers said.

Takata's inflators were blamed for at least 16 deaths and more than 180 injuries around the globe.

The four automakers said in a joint statement they agreed to settle "given the size, scope and severity of the Takata recall", but did not admit fault or liability. More settlements are possible in the future as the companies note the "Takata airbag inflator recall is the largest such action in history and affects more than 42 million vehicles in the United States, across 19 automakers".

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There are four sections of the proposal, which must be approved by the U.S. District Court for the Southern District of Florida. Owners getting a recall can be reimbursed for lost wages, transportation and child care costs.

Under the terms of the agreement, the automakers will fund outreach programs with the goal of "significantly increasing" recall completion rates.

The deal - which comes more than eight years after initial reports of the recall first emerged - stipulates that the carmakers will pay $553 million.

Japanese auto supplier Takata Corp. pleaded guilty to fraud in federal court in February. The plaintiffs filed papers to settle their claims against the companies Thursday, saying the deal covers almost 16 million vehicles. The $553m settlement does not cover personal injury claims relating to the airbags.

The problem touched off the largest automotive recall in USA history involving 42 million vehicles. The majority of inflators have not been fixed.

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