nsucurrent.com April 25, 2018

Car Companies Settle Takata Lawsuits

20 May 2017, 12:32 | Ricardo Garza

Toyota, Subaru, Mazda and BMW settle suit over Takata air bags

Four carmakers will pay $553m to settle claims over Takata airbags

Takata and auto makers for years have been defending themselves against allegations lodged in the Florida litigation.

US auto components maker Key Safety Systems (KSS) and private equity fund Bain Capital are trying to strike a rescue deal worth around 200 billion yen with Takata's steering committee and its automaker customers.

Takata Corp inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The Takata products have been the subject of the largest product recall in history, expected to cover more than 100 million air bags. The stock traded at 443 yen as of 9:48 a.m.in Tokyo Friday, up 12 percent.

The settlement highlights the knock-on effect of the recalls, which began around 2008 and covers about 100-million inflators around the world used in vehicles made by 19 auto makers. Takata also reached a $1 billion settlement with the USA that included a $25 million criminal fine.

Ford, Honda and Nissan have not yet settled lawsuits into their vehicle recalls.

Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum.from stocks under $10 to ETF to option movers.from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy).

Toyota, Subaru, Mazda and BMW are the first automakers to exit the massive MDL, which covers the largest auto recall in U.S. history. The $553m settlement does not cover personal injury claims relating to the airbags.

The settlement includes a new independent outreach program that seeks to dramatically increase recall remedy completion rates and will regularly contact owners.

Toyota would pay the most under the settlement, at $278.5 million.

The four automakers said in a joint statement they agreed to settle "given the size, scope and severity of the Takata recall", but did not admit fault or liability.

Sonomi Aikawa, a Toyota spokeswoman, declined to comment whether this is going to put an end to Toyota's settlement in class actions, and said there's a possibility of lawsuits in the future.

The settlements will require approval from the court.

Outreach: This is expected to begin before the agreement has formally been approved.

Other News

Trending Now

Residents of Pyongyang, Seoul comment on test of new missile
Japanese officials said the missile flew for about 800 kilometers before landing in the Sea of Japan. On Sunday, the North successfully test-fired a new intermediate-range ballistic missile.

Abe, Pence voice mutual support over N. Korea
After referencing Pence's trip, Earhardt asked Trump whether he has ruled out a military strike against North Korea. US Vice President Mike Pence (L) talks with Japan's Prime Minister Shinzo Abe.

China presses South Korea on THAAD missile system
Earlier in the day, Moon spoke with British Prime Minister Theresa May and German Chancellor Angela Merkel, the Blue House said. The Thaad missile system, aimed at intercepting attacks from North Korea , was made operational in South Korea last week.

Post Reema Lagoo's death, THIS actress will replace her in 'Naamkarann'
She was one of the most handsome people I knew. "She has done some fascinating work in both Marathi cinema and Marathi theatre". Her acting career spanned over four decades and She was last seen in the television show " Naamkaran ", aired on Star Plus.

Besieged White House denies, defends as new bombshells hit
Obstruction of justice refers to a crime committed in order to intentionally impede official investigations. Comey was abruptly fired May 9 and learned of the dismissal as he was giving a talk in Los Angeles.

Irish leader Enda Kenny stepping down as head of his party
Mr Kenny gave thanks to his loyal constituents and supporters in Mayo. "I could not have engaged as I did without that base".

Grab some sunscreen, metro-east will see sunny, summer weather this week
The front promises good doses of rain (a quarter to a half-inch) and chances for thunderstorms and hail. For the next seven days, it will either be sunny or mostly sunny, according to the NWS outlook.

Gisele claims Brady suffered concussion last season
That can't be healthy for you, right? Brady's agent did not immediately respond to a request for comment. It's a contact (sport) and a very aggressive sport, ' his wife said.

Juventus wastes chance to clinch title with 3-1 loss at Roma
Minutes after Lemina's improbable goal, Roma came roaring back thanks to their ferocious captain, Daniele De Rossi. Their third opportunity to clinch the Scudetto comes next weekend at home to relegation-threatened Crotone .

Brewers bash Mets pitching again, come back for 11-9 win
Orlando Arcia had a two-run single and Jesus Aguilar drove in two runs with a double before Shaw connected for his eighth homer. Brewers: OF Ryan Braun (left calf) will travel with the team on the upcoming seven-game road trip to the Padres and Cubs.