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Car Companies Settle Takata Lawsuits
20 May 2017, 12:32 | Ricardo Garza
Toyota, Subaru, Mazda and BMW settle suit over Takata air bags
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.
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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.
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