Toyota will pay $1.6B in lawsuit

Published Jul 20, 2013 at 05:00AM

A federal judge approved a $1.6 billion settlement Friday in a class-action lawsuit against Toyota to compensate vehicle owners who suffered financial losses after widespread reports of sudden, unintended acceleration in 2009 and 2010.

Owners who sold their vehicles at a loss through trade-ins and resale will receive from $125 to $10,000, depending on the level of depreciation. The settlement represents the end of the economic battle over years of allegations of defects, though it does not cover individual personal-injury and wrongful death lawsuits that are still pending.

— From wire reports