Final approval of $1.1 billion Toyota settlement on hold due to allocation issues

Article by Anita Panait, on June 14, 2013

There will be a delay in the final approval of $1.1 billion in claims settlement that would resolve the economic-loss portion of Toyota Motor Corp.'s sudden-acceleration litigation, according to United Stated District Judge James V. Selna in Santa Ana, California. Selna issued Thursday a tentative ruling that he couldn't grant a final endorsement for the settlement.

In December 2012, the judge granted a preliminary approval of the settlement, which would not become effective until Selna issues a final order. In his order, Selna said the court believes that the proposed settlement is fair, adequate, and reasonable. He, however, noted that certain difficulties in the plan of allocation of the settlement funds preclude the final approval of the proposed settlement at this time.

Selna is set to hear arguments over approval at a fairness hearing in federal court on Friday. The class actions were filed on behalf of Toyota owners who claimed that the carmaker hurt the value of their vehicles by failing to disclose or fix defects related to the unintended acceleration issue. [source: BusinessWeek]

Topics: toyota

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