WOW..Toyota settles for $1 BILLION for nothing

[Climbitnow]

Unbelievable, Toyota succumbs to massive public pressure from ambulance chasing lawyers and will fork over a billion dollars for sudden accelarations that were not the fault of Toyata vehicles.


Toyota Moves To Settle 'Sudden Acceleration' Lawsuits For More Than $1 Billion : The Two-Way : NPR

This is why the scumbag lawyer's Lobby spends so much in Congress to stop any hint of tort reform.

WE will pay for this in higher Toyota product costs and/or reduced services while the lawyers pocket millions....for nothing.


Tom

[Blogson]

I read about this on the BBC. Toyota's willingness to fork out that much money seems disproportionate to its alleged wrongdoing and appears to be absurd, at least at first glance. Perhaps they know something which we ordinary people do not know . . .

[Shell]

Its simply a matter of paying the extortionist lawyers now, or being tied up in court for years and years and paying them ten times as much. It isn't right and it isn't fair, but it is the way it works.

[Billiam]

Seems odd to me that a company can be held liable for the future value of a product they produce. There is nothing in a buyer's contract that quarantees what a vehicle will be worth at some point down the road. Even if it was a leased vehicle the residual value is pre-determined at the beginning of the lease and the lessee assumes no responsibility if the value drops.

[vanib]

But does the ORIGINAL Toyota owner get any $ from this lawsuit??? Sorry I did not read the article as I am on a paying wifi connection right now

[Carnivore]

Corporations don't pay this kind of settlement for "nothing".

You can point to "ambulance chasing" or "extortionist" lawyers all you want, but Toyota could afford a warehouse full of even better lawyers to defend themselves if the claims were truly baseless.

No, it seems Toyota had a real problem and they knew it.

On the positive side, I expect the company has learned from this and taken steps to improve their quality control as a result. I think my Rav4 has been subjected to 5 recalls now, and that doesn't even include the numerous non-recall TSBs, or the ECU which could still be the real problem behind Toyota's sudden acceleration problems despite their denials. But even if you give them a pass on that, you still can't say Toyota has had a great QC record in recent years.

I'm actually glad to see them get a wake-up call. It should help lead to better cars for all of us in the future.

[ravpickle]

I feel like this settlement devalues our trade-ins more than the acceleration claims did

[Billiam]

Originally Posted by ravpickle

I feel like this settlement devalues our trade-ins more than the acceleration claims did

Sue....sue....sue!!

[Billiam]

Originally Posted by Shell

Its simply a matter of paying the extortionist lawyers now, or being tied up in court for years and years and paying them ten times as much. It isn't right and it isn't fair, but it is the way it works.

Truth

[RTexasF]

One also needs to remember that Toyota sat on a lot of information for years instead of alerting the required authorities that problems existed. They should be bitch slapped but the amount of the fine seems out of order.