Toyota Agrees $25.5M Settlement in Securities Class Action Lawsuit

Los Angeles, CA: A $25.5 million settlement has been agreed by Toyota Motor Corp, potentially ending a securities class action lawsuit brought against the automotive manufacturer over allegations that it failed to disclose information on safety and quality of its products that were subject to a recall in 2010.

The settlement is pending approval in US district court and, if approved, would resolve the lawsuit which claimed Toyota manufactured thousands of vehicles that that accelerated on their own. The first plaintiffs in the Toyota investors lawsuit originally filed in February 2010 after Toyota recalled up to 10 million Toyota and Lexus automobiles.

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Published on Dec-4-12