LOS ANGELES -- Toyota Motor Corp. won final approval of a settlement, valued at as much as $1.63 billion by plaintiff lawyers, with U.S. consumers who claimed that recalls related to unintended acceleration caused their vehicles to lose value, Bloomberg reported.
U.S. District Judge James Selna, who gave the accord preliminary approval in December, signed off on it at a hearing July 19 in Santa Ana, Calif. In June, he had delayed a decision until he received further documentation on how the money would be distributed. "I reaffirm my conclusion that this settlement is fair, adequate and reasonable," Selna said during the hearing.
The settlement resolves economic-loss allegations brought by Toyota drivers following the recall of more than 10 million vehicles worldwide in 2009-10 for problems related to possible unintended acceleration, including sticky accelerator pedals and floor mats that could shift out of position.
Toyota said in December it would take a one-time $1.1 billion charge to cover the costs of the settlement.