Toyota deal gets preliminary OK
LOS ANGELES — A U.S. judge gave preliminary approval Friday to a $1 billion-plus settlement with Toyota Motor Corp. in cases involving problems of sudden, unintended acceleration by its vehicles, a plaintiffs’ attorney said.
Attorney Steve Berman said in a statement he was pleased District Judge James V. Selna gave swift initial approval.
Toyota has said the deal, announced Wednesday, will resolve hundreds of lawsuits from motorists who said the value of their Toyota vehicles plummeted after recalls stemming from claims that the Japanese automaker’s cars and trucks accelerated unintentionally.
The preliminary approval means current and former Toyota owners included in the settlement will receive information through notices expected to be mailed in early March.
Selna plans to hold a fairness hearing June 13 to consider final approval.
Numerous cases filed since 2009 were consolidated in Selna’s court and divided into two categories: economic loss and wrongful death. Claims by people who seek compensation for injury and death due to sudden acceleration are not part of the settlement; the first trial involving those suits is scheduled for February.
Toyota has recalled more than 14 million vehicles worldwide due to acceleration problems in several models and brake defects with the Prius hybrid.
People walk past a Bank of America branch in Philadelphia. The strengthening economy has helped banks. Nearly 1.7 million jobs were added in the first 11 months of 2012. More jobs means more people and businesses can repay loans.