IT

BMW and Toyota among four carmakers to pay $553m Takata settlement

BMW and Toyota among four carmakers to pay $553m Takata settlement

The settlement covers 15.8 million vehicles, with Toyota having the biggest share, at 9.2 million.

The four automakers are the first to agree to a settlement over the Takata recall and the funds will be used for consumer outreach, rental car/loaner programs, and out-of-pocket cost reimbursement.

The settlement addressed claims from the owners of nearly 16 million recalled vehicles, and will resolve economic losses of vehicle owners and lessees, including reimbursing them the cost of replacement vehicles while waiting for the airbags to be fixed.

PM Calls Up French President-Elect to Congratulate Him
German Chancellor Angela Merkel described his victory as "a victory for a strong and united Europe and for French- German friendship".

Four carmakers today agreed to pay $553m (£425.6m) to settle a USA class-action lawsuit over potentially defective Takata airbags inflators.

The settlement still needs to be approved by the U.S. District Court for the Southern District of Florida but that seems likely now that a settlement has been reached. These costs can include rental cars, child care, lost wages, or any other reasonable costs associated with bringing in a vehicle for repairs. The rental car/loaner program will provide rental or loaner vehicles upon request to eligible customers for whom recall fix parts are not available within 30 days. The issue is critical because the huge recall covers more than a dozen automakers, and NHTSA expects that it will affect 64 to 69 million inflators in 42 million vehicles by 2020. NHTSA says only 32 percent of Toyota owners, 31 percent of Subaru owners, 18 percent of Mazda owners and 16 percent of BMW owners had completed the repairs. As the Two-Way reported at the time of that settlement, "At least 16 deaths, 11 of them in the U.S".

"The programs offered in these agreements are meant to increase recall remedy completion rates for Takata airbag inflators, among other customer benefits", the carmakers said in a joint statement Thursday. The 2002-2006 BMW 3 Series, 2003-2006 Mazda6, 2005-2008 Subaru Legacy and 2003-2007 Toyota Corolla are among the vehicles covered by this settlement that are considered the highest risk. The company has agreed to pay $1 billion in penalties for concealing defects with its air bags.


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