Hagens Berman: Toyota Unintended Acceleration Settlement Receives Preliminary Approval
A U.S. District Judge today granted preliminary approval to a settlement
valued at more than $1 billion between Toyota (NYSE:TM) and an estimated
19 million current and former Toyota owners who claim their vehicles
contain defects causing sudden, unintended acceleration.
The case was filed in 2010 after drivers across the country reported
that Toyota vehicles suddenly and unintentionally accelerated out of
their control. Toyota has long maintained that the vehicles were free
from electronic flaws causing the acceleration.
“We are pleased that the court gave such swift preliminary approval of
the settlement,” said Steve Berman, managing partner of Hagens Berman
Sobol Shapiro LLP, and co-lead counsel for Toyota owners and lessees in
the case. “We are eager to move the process forward so we can ultimately
distribute funds to Toyota owners as well as install brake-override
systems in more than three million vehicles.”
With preliminary approval now granted, current and former Toyota owners
included in the settlement will receive information about the settlement
through notices expected to be mailed in early March. At the same time,
information about the settlement will be published in newspapers around
the country, along with a toll-free number for more information.
On June 12, 2013, Judge Selna will hold a fairness hearing and will
weigh granting the proposed settlement final approval.
Consumers who wish to take part in the settlement must submit a claim
form by July 29, 2013.
Under the terms of the proposed settlement, Toyota will install a
brake-override system in vehicles subject to floor mat entrapment
recalls, provide a fund of $250 million for former Toyota owners who
sold their cars between Sept. 1, 2009, and Dec. 31, 2010, provide an
additional $250 million for current Toyota owners whose vehicles are not
eligible for a brake-override system, and provide a customer care plan
for all 16 million current owners that will warranty certain parts
allegedly tied to unintended acceleration.
Additional details of the settlement are available at www.ToyotaELsettlement.com
and www.hbsslaw.com/toyota.
Consumers can also call 1-877 283-0507 for more information.
BROADCAST MEDIA:
Broadcast-quality video featuring Steve Berman commenting on the
settlement is available at ftp.clatterdin.com.
The username to access the clips is “HBSS” and the password is “generic.”
About Hagens Berman
Seattle-based Hagens represents whistleblowers, investors and consumers
in complex and class-action litigation. The firm has offices in 10 U.S.
cities, including New York, Boston, Chicago, Phoenix, Los Angeles, San
Francisco and Washington, D.C. More about the law firm and its successes
can be found at www.hbsslaw.com.
Visit the firm's class-action law blog at www.classactionlawtoday.com.