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nsucurrent.com September 26, 2017


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.

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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.




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.



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