I'm still confused what is going on here with Toyotos. $1Billion in law suits for Floor mats causing sudden accel? Or is it bad design with no brake over-ride? WTF Most new cars with now "Federally mandated" stability control are going to be drive by wire. FYI
"Toyota Motor Co. has announced an agreement worth more than $1 billion to settle a lawsuit involving unintended acceleration in some of its vehicles.
Under terms of the settlement, filed Wednesday in federal court in Santa Ana, Toyota will install a brake-override system in an estimated 3.25 million vehicles and compensate car owners for the alleged reduced value of the vehicles, among other terms.....
After two years of intense work, including deposing hundreds of engineers, poring over thousands of documents and examining millions of lines of software code, we are pleased that Toyota has agreed to a settlement that was both extraordinarily hard-fought and is exceptionally far-reaching"
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Yes... "We don't admit anything wrong"...."It must be the floor-mats"...."It must have been driver-error"... But here's $1-BILLION, (without any admission of guilt), just in case....
In a rare and unexpected development, the real winners here are the lawyers. Who’d have thought? $200 million will be put aside to compensate the lawyers for their hard work, and another $27 million for their expenses — a total nearly as high as the amount allocated to compensate owners for the loss in value of their vehicles. Split between 25 law firms and about 85 attorneys, this case has been a nice little earner for those in on the action. As the WSJ reports, about 18% of the total settlement will go to the lawyers, and that is the largest percentage ever for a class-action payout of more than $1 billion."
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An amazing amount, to be sure... And the other 82% of the settlement for those who were screwed, either by the death of husband, wife, brother/sister, father/mother, or were screwed when they dumped their defective cars, it's still: "We don't admit anything wrong"...."It must be the floor-mats"...."It must have been driver-error"... But here's $1-BILLION, (without any admission of guilt), just in case....
(OR, they will set up a fund of, oh say, $1-BILLION because if any of the families whose loved-ones got killed and continued their lawsuits, it could go even higher...)
(OR, they will set up a fund of, oh say, $1-BILLION because if any of the families whose loved-ones got killed and continued their lawsuits, it could go even higher...)
gmule wrote: Rather than remain in the headlines or pay extraordinary legal fees many companies will opt out for the settlement instead of going to trial.
That is right, this has nothing to do with personal injuries, those are different cases. This was purely a shake-down of a Billion dollars by the lawyers who know that the company would give in, even without any proof of design flaws in the throttles.
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