Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

Pre Market | Dow Jones | Gold | Newsletters | Learn


Toyota Motor - TM - Agreement to resolve economic loss litigation in the U.S.

Thursday, December 27, 2012 12:55 PM
Toyota Motor Corporation (ADR) (NYSE:TM) North America announced an agreement to resolve economic loss litigation in the U.S. related to previous recalls by committing to actions that deliver value to its customers. "This agreement marks a significant step forward for our company, one that will enable us to put more of our energy, time and resources into Toyota's central focus: making the best vehicles we can for our customers and doing everything we can to meet their needs," said Christopher P. Reynolds, Group Vice President and General Counsel, Toyota Motor Sales, U.S.A, and Chief Legal Officer, Toyota Motor North America.  "In keeping with our core principles, we have structured this agreement in ways that work to put our customers first and demonstrate that they can count on Toyota to stand behind our vehicles." Reynolds continued: "This was a difficult decision—especially since reliable scientific evidence and multiple independent evaluations have confirmed the safety of Toyota's electronic throttle control systems.  However, we concluded that turning the page on this legacy legal issue through the positive steps we are taking is in the best interests of the company, our employees, our dealers and, most of all, our customers." If this economic loss settlement is approved by the judge supervising multidistrict litigation (MDL) pending in the U.S. District Court for the Central District of California, Toyota will launch a new customer-support program that will provide prospective supplemental coverage for certain vehicle components and will retrofit additional non-hybrid vehicle models subject to the floor mat recall with a free brake override system (BOS) to provide an added measure of confidence. Further, assuming any appeals are resolved in favor of the settlement, Toyota will offer cash payments to eligible customers who sold or turned-in their leased vehicles in a period during 2009-2010, as well as other specified persons, and to eligible current owners and lessees who will not be offered BOS.  The proposed settlement would also establish additional driver education programs and fund new research into advanced safety technologies. Toyota (TM) also announced that it will take a one-time, $1.1 billion pre-tax charge against earnings to cover the estimated costs of the economic loss settlement and possible resolution costs of civil litigation brought in California by the District Attorney of Orange County and an investigation by a multi-state group of Attorneys General stemming from previous recalls. About Toyota Motor Corporation (ADR) - TM Toyota Motor Corporation (TM) is a Japan-based company mainly engaged in the automobile business and financial business. TM operates through three business segments.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2016 the year you get RICH!

Latest Headlines

China May official manufacturing PMI unchanged at 50.1China May official manufacturing PMI unchanged at 50.1
BEIJING (Reuters) - Activity in China`s manufacturing sector expanded marginally in May, an official survey showed on Wednesday, slightly better than market expectations. The official Purchasing Man...
Oil prices fall on rising Middle East output, China demand concernsOil prices fall on rising Middle East output, China demand concerns
SINGAPORE (Reuters) - Oil prices fell early on Wednesday as production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China`s econ...
Japan business spending points to upward GDP revision but profits tumbleJapan business spending points to upward GDP revision but profits tumble
TOKYO (Reuters) - Japanese capital expenditure accelerated in the first quarter from the prior three-month period, suggesting gross domestic product growth could be revised up, but analysts remain war...
Dollar steps back from two-month high, sterling fragileDollar steps back from two-month high, sterling fragile
TOKYO (Reuters) - The dollar took a step back from a two-month high against a basket of major currencies on Wednesday after a mixed bag of U.S. economic data slightly tempered expectations of a near-t...
Asia stocks sag as oil slip dampens sentiment, dollar stallsAsia stocks sag as oil slip dampens sentiment, dollar stalls
TOKYO (Reuters) - Asian stocks sagged on Wednesday as a slip in crude oil prices dampened investors` appetite for riskier assets, while the recently bullish dollar stalled against the euro and yen fol...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More