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Toyota to settle U.S. truck rust lawsuit for ~$3.4B

Published 11/12/2016, 09:49 PM
Toyota to settle U.S. truck rust lawsuit for ~$3.4B
  • Toyota (NYSE:TM) agrees to pay as much as $3.4B to settle claims that some of its trucks and SUVs lacked proper rust protection, leading to premature corrosion of vehicle frames.
  • Court papers say the proposed settlement covers ~1.5M Tacoma compact pickups from 2005-10, Tundra full-size pickups from 2007-08 and Sequoia SUVs from 2005-08 that are alleged to have inadequate rust protection that could lead to corrosion serious enough to jeopardize their structural integrity.
  • The settlement estimates the value of frame replacements at ~$15K per vehicle and inspections at $60 per vehicle.

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