Toyota settles shareholder lawsuit related to sudden acceleration
Toyota Motor Corp. has agreed to settle a shareholder class-action lawsuit related to its sudden acceleration problems for $25.5 million.
The settlement would put to rest allegations that the company hurt the value of its stock by hiding defects and other safety problems as well as by not acting swiftly to address vehicles that accelerated out of control.
Those problems came to the surface in late 2009 following a horrific San Diego County accident that killed a family of four in a Lexus. In the months following, Toyota recalled more than 10 million vehicles worldwide, faced multiple congressional investigations and eventually paid record fines of almost $50 million.