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UPDATE 6/14/13: Judge delays approval of $1.1 billion Toyota Unintended Acceleration Class Action Lawsuit Settlement.
Approximately 20 million current and former Toyota owners will begin receiving notice postcards of a class action lawsuit settlement with Toyota Motor Corp. over the unintended acceleration of certain Toyota, Scion and Lexus vehicles.
The estimated $1 billion settlement will resolve a series of class action lawsuits, consolidated in 2010 as In Re: Toyota Motor Corp. Unintended Acceleration Marketing, Sales Practices and Products Liability Litigation. Plaintiffs in the consolidated action allege certain Toyota, Scion and Lexus vehicles equipped with electronic throttle control systems (“ETCS”) are defective and can experience acceleration that is unintended by the driver. This has caused the value of these vehicles to plummet, they allege. As a result, the class action lawsuit is pursuing claims for breach of warranties, unjust enrichment, and violations of various state consumer protection statutes due to the economic loss Class Members suffered.
Toyota denies any wrongdoing or that there is any defect in its ETCS, but has agreed to a class action lawsuit settlement to resolve the litigation.
Class Members include any person, entity or organization who, at any time before December 28, 2012, owned, purchased, leased and/or insured for residual value one of the following Toyota, Lexus and Scion vehicles:
If you are a Class Member, you may be entitled to one or more of the following benefits from the Toyota unintended acceleration class action settlement:
Cash Payment:
If the settlement is finally approved (including any appeals resolved in favor of the settlement), Toyota will pay $250 million into a fund for distribution to eligible Class Members who: (a) sold a Subject Vehicle during the period September 1, 2009 to December 31, 2010, inclusive; (b) returned a Subject Vehicle before the lease termination date during the period September 1, 2009 to December 31, 2010, inclusive; or (c) insured and/or guaranteed the residual value of a Subject Vehicle as of September 1, 2009, and with respect to such Subject Vehicle, thereafter either made payment to an insured, or sold the Subject Vehicle, provided such payment or sale was made by a Residual Value Insurer on or before December 31, 2010; or (d) returned a leased Subject Vehicle before the lease termination date after having reported an alleged unintended acceleration event(s) to Toyota, an authorized Toyota Dealer or the National Highway Traffic Safety Administration (“NHTSA”), before December 1, 2012; or (e) had a Subject Vehicle that was declared a total loss by an insurer during the period from September 1, 2009 to December 31, 2010, inclusive.
Payments in this category will depend on the make, model, and model year of the Subject Vehicle, when the Subject Vehicle was sold or returned, the state in which the Class Member resides, the number of claims submitted, and other adjustments and deductions.
If the fund amount is insufficient to cover all claims, payments will be reduced on a pro-rata basis.
The only way to receive money from this fund is to submit a Claim Form by July 29, 2013.
Brake Override System installation:
If the settlement is finally approved, Class Members who currently own or lease certain Subject Vehicles may have a brake override system installed on their vehicle at no cost to them. The brake override system will automatically reduce engine power when the brake pedal and the accelerator pedal are applied simultaneously under certain driving conditions. Toyota will begin to offer this benefit over time, beginning after final approval by the Court.
If you are eligible for this benefit and want to take advantage of it, you will need to take your vehicle to a Toyota/Lexus/Scion authorized dealer. This benefit is available for two years from the date Toyota gives notice that the brake override system is available for a particular eligible Subject Vehicle. Check www.ToyotaELSettlement.com for updates.
Money payment to eligible current owners and lessees in lieu of offer of Brake Override System installation.
If the settlement is finally approved (including any appeals resolved in favor of the settlement), Toyota will pay $250 million into a fund for distribution to eligible Class Members who still own or lease their Subject Vehicles, unless (a) their Subject Vehicle is a hybrid vehicle; (b) they already actually received a brake override system installation on their Subject Vehicle; or (c) they are eligible for the brake override system on their Subject Vehicles described above in section B. This fund will be distributed according to the Plan of Allocation, which is available on this website under the Case Documents tab. Eligible Class Members’ payments may range from $37 to $125, depending on the state in which the Class Member resides, the number of claims submitted, and other adjustments and deductions. It is possible that payments will be lower, however, or may be higher, depending upon the number of Claims submitted and other factors, but in no event will exceed $125.
The only way to receive money from this fund is to submit a Claim Form by July 29, 2013.
Claim Forms and more information on your rights and eligible benefits in the Toyota Unintended Acceleration Economic Loss Class Action Lawsuit Settlement can be found at www.ToyotaELSettlement.com.
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12 thoughts onToyota Unintended Acceleration Class Action Settlement
Saturday I got a check for a big 8.97cent well I told my wife to book the cruise this is bs
no check yet in FL