Toyota To Pay States $29M To Settle Acceleration Claims

Law360, New York (February 14, 2013, 2:48 PM EST) -- Toyota Motor Corp. said Thursday that it will distribute $29 million among 29 states and one territory in a settlement that puts to rest various states’ allegations that the auto maker concealed safety issues related to sudden, unintended acceleration in vehicles it manufactured and sold.

The settlement follows the company’s December announcement that it would take a one-time, $1.1 billion pre-tax charge against earnings to cover the estimated costs of the states’ claims and a separate economic loss settlement in multidistrict litigation in the Central District...
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