Toyota Will Pay $1.1 Billion Settlement to End Lawsuits

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has agreed to pay a settlement of at least $1.1 billion to settle lawsuits relating to unintended acceleration cases from 2009 and 2010. 

“In keeping with our core principles, we have structured this agreement in ways that work to put our customers first and demonstrate that they can count on Toyota to stand behind our vehicles," Christopher P. Reynolds, general counsel for Toyota. 

The money from the settlement will not all go to consumers. Toyota will replace the brake override systems on 16 million cars and warranty them between 3 and 10 years depending on vehicle. Owners will also be reimbursed for any lost value to a vehicle that they sold or leased. 

The settlement does not end any of the lawsuits relating to injury or death. Those trials start in February 2013. 

Toyota says that while it has shown its electronic throttles to be safe, it wants to put the ongoing litigation behind it and get this process over with. 

The settlement is still pending approval by the U.S. District Court for the Central District of California. The company has set up a Web site for the settlement where consumers will be able to ask questions and get more information. 

Source: Automotive News