Toyota Motor has reached a $1,1 billion settlement in a US class action lawsuit over customer complaints about "unintentional speeding" in its vehicles. About 16 million Toyota, Lexus and Scion cars manufactured between 1998 and 2010 are affected by the lawsuit.
Toyota shares jumped nearly 3% on the Tokyo stock exchange following the news. Investors say the deal eliminates uncertainty over the outcome of the deal and stress that the economic impact is less than market expectations and is manageable given the improved sales outlook.
The settlement covers most of the outstanding claims for damages related to possible vehicle safety defects, but not those for personal injury or death. Toyota has not admitted any faults in the settlement proposal. The group has reiterated what has been said so far, namely that there are no defects in the electronic accelerator control system.
A study by the US safety authority, the National Highway Traffic Safety Administration and NASA found no relationship between the car's problems and Toyota's electronic accelerator system. In the past the group has said the defect was related to floor mats that did not fit the car's floor and a sticky gas pedal
