Settlement Notices Go Out in Toyota Unintended Acceleration Class Action

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UPDATE: Judge approves Toyota Unintended Acceleration Class Action Lawsuit Settlement.

Millions of Toyota, Scion and Lexus owners have started receiving notices of the Toyota unintended acceleration class action settlement, which will provide up to $125 cash to Class Members who submit a valid Claim Form by July 29, 2013.

The settlement will resolve a massive consolidated class action (In Re: Toyota Motor Corp. Unintended Acceleration Marketing, Sales Practices and Products Liability Litigation) that accuses Toyota of selling these vehicles with defective electronic throttle control systems (“ETCS”). This alleged defect has caused some of these vehicles to experience sudden and unintended acceleration, resulting in a significant decline in value of these vehicles. The case does not involve claims of personal injury.

If you currently or previously own(ed), lease(d), purchased or insured an eligible Toyota, Scion or Lexus vehicle model, you can receive one of the following benefits from the class action lawsuit settlement if it is approved:

Free Brake Override Installation: The brake override system will automatically reduce engine power when the brake pedal and the accelerator pedal are applied simultaneously under certain driving conditions.

Cash Payment (in lieu of Brake Override System): If you sold a Subject Vehicle during the following applicable periods, you can claim a cash payment of between $37.50 and $125, depending on the year of the vehicle, date of sale and the number of claims made. The only way to receive a cash payment is to submit a claim by July 29, 2013.

Class Members eligible to receive this cash payment include any one 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.

A Fairness Hearing will be held on June 14, 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.