(AP) – Toyota Motor Corp. and attorneys representing people who claim their Toyota vehicles are prone to sudden, unexplained acceleration announced a settlement Wednesday worth more than $1 billion. Some of the key provisions of the agreement, which must be approved by a federal judge:
_ A fund of $250 million will be established to pay former Toyota owners who sold their cars during the period from Sept. 1, 2009, through Dec. 31, 2010. The money is intended to compensate those owners for the reduced value of their vehicles that is alleged because of publicity concerning unintended acceleration.
_ Toyota will install a brake-override system in an estimated 3.25 million vehicles subject to floor mat entrapment recalls. Brake-override systems cut power to the throttle under certain circumstances when the car receives simultaneous signals from the brake and accelerator pedals.
_ A separate fund of $250 million will be established to compensate current owners whose vehicles are not eligible for a brake-override system. The amount consumers receive depends on the model and year of their Toyota, and the state in which the car was purchased.
_ All 16 million current owners will be eligible for a customer care plan that will warranty certain parts that plaintiffs allege are tied to unintended acceleration for between three and 10 years.
_ $30 million in education grants will be provided to independent academic institutions to further the study of auto safety and to enhance driver education.
Current and former Toyota owners are expected to receive information about the settlement and instructions on filing a claim in the coming months.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon