Four automakers in the United States have agreed to a settlement amounting to USD553 million to resolve class-action economic loss claims relating to potentially defective Takata airbag inflators. This will cover owners of nearly 16 million recalled vehicles in the country.
From the total, Toyota holds the largest share of the settlement costs at USD278.5 million, followed by BMW at USD131 million, Mazda at USD76 million and Subaru at USD68 million. Other automakers such as Honda, Ford and Nissan have not had their lawsuits settled.
In a joint statement, the automakers stated, “given the size, scope and severity of the Takata recall, these automakers are the first to agree to a settlement structure.” The settlement will fund various activities including an outreach programme to contact owners; compensation for economic losses including out-of-pocket claims; rental car loaner programme; and a customer support programme for repairs and adjustments, including an extended warranty.
As reported by Automotive News, automakers will use about USD50 million of the USD553 million to provide rental cars to affected owners. They will also reimbursed them for any lost wages, transportation and child care costs.
Back in January, Takata pleaded guilty to criminal wrongdoing and agreed to pay USD1 billion to resolve a US Justice Department investigation into the airbag inflator issue. As part of the agreement, Takata would pay a USD25 million fine and set up two funds. The first is a USD125 million victim compensation fund, while the other is a USD850 million fund to compensate automakers for massive recall costs.
Looking to sell your car? Sell it with Carro.
No airbags so no problemo.
5B drop to 500 mil? Ohh, jepunis overlord… no wonder.
No problem. Trumpland will still saman kau kau