December 27, 2012
Updated Dec 27, 2012 at 9:58 AM EDT
UNDATED (www.incnow.tv) - Toyota Motor Corp. reached a settlement worth more than a billion dollars in a case involving hundreds of lawsuits over acceleration problems.
The Japanese automaker says the settlement will resolve cases involving owners who said they sold their cars at reduced prices because of the bad publicity over the claims of sudden acceleration. The settlement is valued between 1.2 and 1.4 billion dollars and still needs to be approved by a California federal judge.
A plaintiff's attorney says the settlement is the largest one in the U.S. history involving automobile defects.
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