Toyota Pays $1.1 Billion in Recall Lawsuit Involving Unintended Acceleration
In regards to Toyota‘s previous recalls for unintended acceleration, the automaker has announced that they have reached an agreement to settle the outstanding lawsuits in the U.S. Considered to be one of the largest lawsuits of its kind, Toyota will reimburse owners of up to 16-million cars resulting in a one-time, $1.1 billion pre-tax charge against its fourth quarter earnings. In addition to the monetary payment, under this agreement, Toyota will install a brake-override system in cars where the floor mats got stuck.
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