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Toyota Reaches $1 Bil Deal in Runaway Cars Case

Deal closes 100s of cases -- but 100s more still unresolved.

by on Dec.27, 2012

Lexus agreed to a record fine this month for delaying the recall of the RX crossover due to unintended acceleration issues.

Toyota Motor Co. has reached a more than $1 billion settlement intended to put an end to 100s of lawsuits stemming from the maker’s problems with unintended acceleration. But Toyota still faces a separate series of lawsuits from those who claim to have been injured by runaway vehicles.

The proposed settlement specifically covers lawsuits filed by owners who alleged that the value of their cars, trucks and crossovers had plummeted substantially as a result of the crisis triggered by a series of revelations and recalls that eventually involved more than 14 million Toyota products worldwide.

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The maker said it also will launch an extended warranty program covering 16 million current owners while also installing additional safety technology on 3.2 million of its vehicles. But in light of other recent recalls that have involved millions more Toyota products it remains unclear if the settlement will be enough to repair the Japanese giant’s once shining image.

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