Toyota To Pay $3.4B To Settle Rusty Truck Frame Action

By Matthew Guarnaccia (November 10, 2016, 12:50 PM EST) -- Toyota Motor Co. on Wednesday agreed to pay approximately $3.4 billion to compensate owners of certain truck models with frames that are prone to rust corrosion and perforation in order to settle a proposed class action lawsuit in California federal court.

The owners of certain Tacoma, Tundra and Sequoia trucks asked U.S. District Judge Fernando M. Olguin to preliminarily approve the deal, which provides inspections for the approximately 1.5 million vehicles possibly affected by the defect, as well as the replacement of frames for an estimated 225,000 trucks.

"These settlement benefits are substantial and, in large part, encompass or exceed the...

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