Attorney Matthew R. Arnold answering the question: “What can you sue for in a personal injury case?”
Though the issue may have slipped the minds of many people, the Toyota sudden acceleration case is back in the news as a federal judge this week finally approved a $1.6 billion settlement with the automaker. The approval was formally announced Friday in a major class-action lawsuit filed against Toyota.
The suit was filed to ensure that vehicle owners who suffered financial harm due to the recall were compensated. The settlement means that anyone who sold their vehicle at a loss through trade-in and resale programs will receive money from Toyota, a number ranging anywhere between $125 and $10,000, depending on the amount of depreciation.
The settlement marks the end of one major string of lawsuits against Toyota that began in in 2010. However, the recent settlement does not represent the end of all litigation surrounding the sudden acceleration issue meaning Toyota still faces potential billions more in payouts. The recent settlement does not cover those who suffered injuries or died as a result of the defect, likely even more expensive cases.
Another part of the settlement agreement means that Toyota will have to install safety upgrades in 3.2 million vehicles. The company will also create two $250 million funds to pay owners who are not eligible for safety upgrades and those who sold their cars at a loss. The terms of the settlement agreement also means that Toyota will pay $30 million for automotive safety research regarding unintended acceleration. Finally, the company agreed to create a special customer service program that allows eligible Toyota owners to have free repairs on certain parts for the next 10 years.
Consumer safety advocates have trumpeted the news as a victory saying that Toyota not only committed serious money to the agreement, but also agreed to take action to fix safety issues on millions of other vehicles. The combination of financial and physical action ensures that customers are kept safe and compensated for the harm they already suffered.
If you, or someone you know, have any questions regarding personal injury claims, please feel free to contact the experienced personal injury attorneys and lawyers in Charlotte, North Carolina at Arnold & Smith, PLLC for a free consultation. Call at 704-370-2828.
About the Author:
Matthew Arnold is a Managing Member with Arnold & Smith, PLLC where he focuses his practice on Personal Injury, Family Law and Business Litigation. Mr. Arnold began his career handling insurance defense litigation for several major insurance companies. He also went on to handle business litigation cases and high value mortgage fraud cases, primarily in Superior Court.
Mr. Arnold grew up in Charlotte, graduating from Providence Senior High School and continued his education at Belmont Abbey College on a basketball scholarship. After graduating cum laude he attended law school at the University of North Carolina at Chapel Hill on a full academic scholarship. In his spare time, Mr. Arnold enjoys golfing and spending time on the North Carolina Coast with his wife and three young children: two daughters and one son.
“Toyota Will Pay $1.6 Billion Over Faulty Accelerator Suit,” by Jacyln trop, published at NYTimes.com.
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