Four automakers agree to $553 million settlement to resolve Takata claims
May 20, 2017, 00:28
Takata Corp., which is seeking a buyer following the auto industry's biggest ever safety recall, surged the most in four months after some vehicle makers reached settlements worth $553 million to resolve economic-loss claims tied to the company's faulty products. Four automakers including Toyota and BMW agreed yesterday to pay US$553 million (RM2.39 billion) to settle a U.S. lawsuit over the defective Takata airbags blamed for 11 deaths in the United States alone.
Outreach Program: The Settlement Special Administrator will oversee and administer outreach programs with the goal of significantly increasing Takata recall remedy completion rates among customers of the four automakers through traditional and non-traditional means.
Takata's inflators can explode with excessive force and unleash metal shrapnel inside cars and trucks, and are blamed for at least 16 deaths and more than 180 injuries worldwide.
Regulators stated that over 46 million airbag inflators were already recalled, and regulators have explained that the count should go a value between 64 and 69 million replaced airbag inflators by 2019.
In exchange, the auto-makers will be allowed to exit the federal Multi-District Litigation (MDL) over the largest auto recall in USA history.
The settlement will compensate people who own or lease vehicles affected by the air bag recall in a variety of ways, from providing rental cars to those who are deemed to be at the greatest risk to "a possible residual distribution payment of up to $500".
Millions of auto owners whose vehicles were outfitted with faulty Takata airbags could soon receive some type of compensation - possibly a check for as much as $500.
Of the overall $553m settlement announced on Thursday, $278.5m will be paid by Toyota, $131m by BMW, $76m by Mazda and the remaining $68m by Subaru. Over 100 million vehicles worldwide have been recalled.
Lawsuits against Honda Motor Company HMC, Ford Motor Company F and Nissan Motor have not been settled yet, per the lawyers. Takata has been searching for more than a year to find a financial sponsor to pay for costs to replace its inflators, which are at the centre of the auto industry's biggest-ever recall.
Auto makers will also reimburse some expenses such as for transportation, storing or towing charges, child-care bills and lost wages during vehicle repairs.
The settlement - by Toyota, BMW, Subaru and Mazda - covers 15.8 million vehicles equipped with rupture-prone air bag inflators.
Earlier this year, Takata agreed to plead guilty to criminal wrongdoing and to pay $1 billion to resolve a federal investigation into its inflators.
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